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Rachel has $9 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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Rachel has $9 in a savings account. The interest rate is 5%, compounded annually.

To the nearest cent, how much interest will she earn in 3 years?

User Lumbendil
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1 Answer

10 votes
1 % of 9 is 0.09, multiply 0.09 by 5= 0.45 (to find 5%)
Then multiply 0.45 by 36 (3years)= 16.20
Then add 16.20 to $9= $25.20
User Lang
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