ECONOMICS
COMPOUND INTEREST
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
Erik has $40 in a savings account that earns 5% interest, compounded annually.To the nearest cent, how much will he have in 2 years?Use the formula B = p(1 + r)t, where B is the balance (final amount), p is the principal (starting amount), r is the interest rate expressed as a decimal, and t is the time in years.
|
|
$44
|
|
|
$44.10
|
|
|
$34.10
|
|
|
$24.10
|
Explanation:
There is 1 question to complete.