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Chandler has 30 in an account that earns 10% interest compounded annually.To the nearest cent, how much interest will he earn in 2 years?

Solution

Chandler has 30 in an account that earns 10% interest compounded annually.To the nearest cent, how much interest will he earn in 2 years?

Solution

Interest : 6.3

Solution steps

Translate the problem into an equation:

36.3 = 30 + I

Solve for

I, 36.3 = 30 + I : I = 6.3

Interest : 6.3

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