Katie has $7 in a savings account. The interest rate is 5%, compounded annually.
To the nearest cent, how much interest will she earn in 3 years?

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Today at 5:48 AM
Mathematics

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Katie has $7 in a savings account. The interest rate is 5%, compounded annually.
To the nearest cent, how much interest will she earn in 3 years?

Answer :

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queencrafty85 queencrafty85 · Answer 1 · 2025-03-26T05:52:42-04:00

queencrafty85 queencrafty85

Today at 5:52 AM

Answer:

15%

Step-by-step explanation:

I am not sure

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anjalipriya1 anjalipriya1 · Answer 2 · 2025-03-26T05:52:50-04:00

anjalipriya1 anjalipriya1

Today at 5:52 AM

Compound interest earned would be $1.1034

Step-by-step explanation:

The formula for amount, when interest is compounded annually is

A = P(1+r)^n

Here

A= amount

P= principal

r= rate of interest

n= time period

So putting the values in the formula

A = 7(1+.05)^3

A = 7*(1.05)^3

A = 7*1.157625

A= 8.1034

So the Compound Interest would be

C.I = 8.1034-7.0

C.I = 1.1034

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Katie has $7 in a savings account. The interest rate is 5%, compounded annually. To the nearest cent, how much interest will she earn in 3 years?

Answer :

Other Questions

Katie has $7 in a savings account. The interest rate is 5%, compounded annually.
To the nearest cent, how much interest will she earn in 3 years?