Question

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.

Answer 1

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.