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Dorothy put $470 into a savings account for one year. The rate of interest on the account was 5.5%. Find the interest earned on the amount.

Dorothy put $470 into a savings account for one year. The rate of interest on the account was 5.5%. Find the interest earned on the amount.
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1 vote
Dorothy put $470 into a savings account for one year. The rate of interest on the account was 5.5%. Find the interest earned on the amount.

asked
User Husman
by
7.8k points

1 Answer

3 votes

Answer: $25.85 assuming annual compounding.

Explanation:

PV=470

I/Y=5.5

N=1

CPT_FV

answered
User Heiglandreas
by
7.3k points
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