Answered

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Jayden has $10 in a savings account. The interest rate is 5%, compounded annually.
To the nearest cent, how much interest will he earn in 2 years?
$
Submit

Sagot :

Naseeem88

Answer:

$1

Step-by-step explanation:

First, converting R percent to r a decimal

r = R/100 = 5%/100 = 0.05 per year,

then, solving our equation

I = 10 × 0.05 × 2 = 1

I = $ 1.00

The simple interest accumulated

on a principal of $ 10.00

at a rate of 5% per year

for 2 years is $ 1.00.

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