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Felix has 100 in an account that earns 5% interest compounded annually.To the nearest cent, how much interest will he earn in 2 years?

Solution

Felix has 100 in an account that earns 5% interest compounded annually.To the nearest cent, how much interest will he earn in 2 years?

Solution

Interest : 10.25

Solution steps

Translate the problem into an equation:

110.25 = 100 + I

Solve for

I, 110.25 = 100 + I : I = 10.25

Interest : 10.25

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