Answered

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Harold deposited $70 in an account earning 5% interest compounded annually. To the nearest cent, how much interest will he earn in 2 years? Use the formula B=p(1+r)t, where B is the balance (final amount), p is the principal (starting amount), r is the interest rate expressed as a decimal, and t is the time in years.

Sagot :

smithkr96

Answer:

10.50

Step-by-step explanation:Harold deposited $70 in an account earning 5% interest compounded annually. To the nearest cent, how much interest will he earn in 2 years? Use the formula B=p(1+r)t, where B is the balance (final amount), p is the principal (starting amount), r is the interest rate expressed as a decimal, and t is the time in years.

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