Question

Bryce deposited $100 in a savings account earning 5% interest, compounded annually.

To the nearest cent, how much interest will he earn in 3 years?

Answer 1

Use this equation.

\(\huge\bf{A=P(1 + \frac{r}{n})^{n \times t}}\)

`P = 100`
`r = 0.05`
`n = 1`
`t = 3`

\(\huge\bf{A=100(1 + \frac{0.05}{1})^{1 \times 3}}\)

What you find you will plug it into this equation to find the interest.

\(\huge\bf{A=P+I}\)

`A = what you find`
`P = 100`

Answer 2

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Answer 3

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Answer 4

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