Ernesto has $50 in a savings account that earns 10% interest, compounded annually.
To the nearest cent, how much will he have in 3 years?
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Question
Ernesto has $50 in a savings account that earns 10% interest, compounded annually.
To the nearest cent, how much will he have in 3 years?
You must be logged in to post a comment.
Answer:
66.55$
Step-by-step explanation:
Since it’s compounded you have to do the math for every year
50x.1=5 50+5=55
55x.1=5.5 55+5.5=60.5
60.5x.1=6.05 60.5+6.05=66.55$
Ofc if I’m wrong flame me