aymirremosby aymirremosby
  • 01-05-2022
  • Mathematics
contestada

Edgar has $30 in an account that earns 5% interest compounded annually. To the nearest cent, how much interest will he earn in 2 years?

Respuesta :

YulTheNinja YulTheNinja
  • 01-05-2022

Answer:

Total Interest = $3.08

Step-by-step explanation:

A = P (1 + r/n)^(nt)

A = 30(1+.05/1)^(1*2)

A = 33.08

We want to find interest only so subtract principal amount from total value

33.08-30 = 3.08

Total Interest = $3.08

Total Value = $33.08

Mark brainliest please!

Answer Link

Otras preguntas

What are the three roles of UNICEF?
Which of the following is NOT an impact of deforestation in Southeast Asia? a. thick haze b. habitat loss c. extinction of plant species d. more arable land
Another word for to take over
When Chief Seattle refers several times to the angry young men in his tribe, he's a. urging his audience to unite against the whites. b. trying to convince hi
What's 0.50 in fraction
Would it be better to live by a high silica volcano or a low silica volcano? Why?
During the campaign of 1828, the Democratic Party changed by a. denouncing the spoils system. b. veering away from Jeffersonian principles. c. crafting more
what do all cell activities in living organisms use as a.source of energy?
what porposes you see in action in everyday life
If you decide to buy a purebred puppy, you would have many different dog breeds to choose from. The wide variety of dog breeds is the result of hundreds of yea