Tiana has $70 in an account. The interest rate is 5% compounded annually. To the nearest cent, how much will she have in 1 year?

Question

asked Jul 8, 2023 136k views

2 Answers

Ilya Serbis · Answer 1 · 2023-07-12T13:40:16+0000

Answer:

73 dollars and 50 cents

Explanation:

Initial Deposit:

70

Years to Save:

1

Estimated Rate of Return

5

Compound Frequency:

Annually

Earned Interest

$3.50

Total Balance

$73.50

Hope this helps!