Molly opened a savings account and deposited 800.00 as principal. The account earns 15% interest, compounded annually. How much interest will she earn after 2 years??

Solution

Solution

Interest : 258

Solution steps

Translate the problem into an equation:

1058 = 800 + I

Solve for

I, 1058 = 800 + I : I = 258

Interest : 258

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