en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular >

Edgar has 30 in an account that earns 5% interest compounded annually.To the nearest cent, how much interest will he earn in 2 years?

Solution

Edgar has 30 in an account that earns 5% interest compounded annually.To the nearest cent, how much interest will he earn in 2 years?

Solution

Interest : 3.075

Solution steps

Translate the problem into an equation:

33.075 = 30 + I

Solve for

I, 33.075 = 30 + I : I = 3.075

Interest : 3.075

Popular Examples

Noah is going to invest in an account paying an interest rate of 7% compounded continuously. How much would Noah need to invest, to the nearest hundred dollars, for the value of the account to reach 12,900 in 10 years?Eight times the sum of a number and 6 equals 2 Twice the sum of a number and 5.Rob has 5,000 in an account that earns 2% interest compounded annually.To the nearest cent, how much will he have in 5 years?Ingrid deposits 10,000 in an IRA. What will be the value of her investment in 6 years if the investment is earning 3.2% per year and is compounded continuously? Round to the nearest cent.