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Polly has 10 in an account that earns 5% interest compounded annually.To the nearest cent, how much will she have in 2 years?

Solution

Polly has 10 in an account that earns 5% interest compounded annually.To the nearest cent, how much will she have in 2 years?

Solution

Amount : 11.025

Solution steps

Translate the problem into an equation:

A = 10 (1 + \frac{0.05}{1})^{1 \cdot 2}

10 (1 + \frac{0.05}{1})^{1 \cdot 2} = 11.025

Amount : 11.025

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