tedajahwright22 tedajahwright22
  • 25-03-2020
  • Mathematics
contestada

Joe has $70 in a savings account that earns 5% interest, compounded annually.
To the nearest cent, how much will he have in 2 years?

Respuesta :

bbeckm25 bbeckm25
  • 25-03-2020

Answer:

$2,315.25 dollars

Step-by-step explanation:

nearest penny. When reporting.  interest in which it is assumed that all months have 30 days and every year has. Compound interest is much more common than simple interest. The interest I earn on the account is the interest the bank pays. For the next 2 months you earn 5% simple interest on $2,315.25 dollars.

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