Ernesto has $50 in a savings account that earns 10% interest, compounded annually. To the nearest cent, how much will he have in

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?

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Hải Đăng 3 years 2021-08-28T07:11:36+00:00 1 Answers 6 views 0

Answers ( )

  1. thaiduong
    0
    2021-08-28T07:13:00+00:00
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    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

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