Sandra has $60 in a savings account. The interest rate is 5%, compounded annually. To the nearest cent, how much interest will she earn in 1 year?

Question

asked Dec 23, 2021 66.3k views

1 Answer

Borba · Answer 1 · 2021-12-29T21:16:13+0000

Answer:

$3 or 300 cents.

Explanation:

She has 60 dollars in the savings account, and the interest rate is 5%, so you do 60*1.05 and get 63.