Question

Barry's savings account has a balance of $2874. After 9 years, what will the amount of interest be at 5% compounded annually?

Answer 1

what you need to do is take $2874 and divide the 5% and then times the 9 by what you get

Answer 2

A=2,874×(1+0.05)^(9)
A=4,458.52

Interest earned
4458.52-2874=1,584.52