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Popular Word Problems >

Brooke has 7 in an account that earns 10% interest compounded annually.To the nearest cent, how much interest will she earn in 2 years?

Solution

B roo k e ha s 7 in an a cco u n t t ha t e a r n s 10% in t eres t co m p o u n d e d ann u a ll y . T o t h e n e a res t ce n t, h o w m u c h in t eres t w i ll s h e e a r n in 2 ye a rs ?

Solution

Interest : 1.47

Solution steps

Translate the problem into an equation:

8.47 = 7 + I

Solve for

I, 8.47 = 7 + I : I = 1.47

Interest : 1.47

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