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Billy deposited $5,000 in an account earning 1% interest compounded annually. To the nearest cent, how much interest will he earn in 1 year?

Billy deposited $5,000 in an account earning 1% interest compounded annually. To the nearest cent, how much interest will he earn in 1 year?
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3 votes
Billy deposited $5,000 in an account earning 1% interest compounded annually.

To the nearest cent, how much interest will he earn in 1 year?

asked
User Ratna Halder
by
7.7k points

1 Answer

3 votes

Answer:

$50.00 is the amount of interest

answered
User Akshay Rathore
by
8.1k points
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