Question

PLZZ HELP ME!! wil give whatever the hell u want lol!

Edgar has $8,922 in a savings account that earns 3% interest, compounded annually.

To the nearest cent, how much interest will he earn in 5 years?

So 8,922x(1.03)^5 thennn im lostt...

Answer 1

So, after 5 years with a 3% annually compounded interest rate, Edgar will have $10,343.27 in his savings account.

Explanation:

Using our equation:

A = 8,922(1.03)^5 Solve for 1.03^5

A = 8,922(1.1593) Multiply out

A = 10,343.27

So, after 5 years with a 3% annually compounded interest rate, Edgar will have $10,343.27 in his savings account.