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Popular Word Problems >

Debbie has 4,000 in an account. The interest rate is 15% compounded annually.To the nearest cent, how much interest will she earn in 2 years?

Solution

De bbi e ha s 4, 000 in an a cco u n t . T h e in t eres t r a t e i s 15% 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 : 1290

Solution steps

Translate the problem into an equation:

5290 = 4000 + I

Solve for

I, 5290 = 4000 + I : I = 1290

Interest : 1290

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