Kendra opened a savings account and deposited 100.00 as principal. The account earns 3% interest, compounded monthly. How much interest will she earn after 3 years?

Solution

Solution

Interest : 9.41

Solution steps

Translate the problem into an equation:

109.40514 \dots = 100 + I

Solve for

I, 109.40514 \dots = 100 + I : I = 9.41

Interest : 9.41

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