Rhianna opened a savings account and deposited 100.00 as principal. The account earns 12% interest, compounded monthly. How much interest will she earn after 2 years?Round your answer to the nearest cent.

Solution

Solution

Interest : 26.97

Solution steps

Translate the problem into an equation:

126.97346 \dots = 100 + I

Solve for

I, 126.97346 \dots = 100 + I : I = 26.97

Interest : 26.97

Popular Examples

2 more than 3 times a number x is 17 eight times the sum of a number and twelve equals thirty-eight The radius of a circle is 19 m. Find its area in terms of pipi.What is the volume of a sphere with radius of 6.3cm , rounded to the nearest tenth of a cubic centimeter?Ben is 39 and Kevin is 3. How many years until Ben is 3 times as old as Kevin