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Ernesto deposited $10 in a savings account earning 10% interest, compounded annually. To the nearest cent, how much interest will he earn in 2 years?

Ernesto deposited $10 in a savings account earning 10% interest, compounded annually. To the nearest cent, how much interest will he earn in 2 years?
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7 votes
Ernesto deposited $10 in a savings account earning 10% interest, compounded annually.

To the nearest cent, how much interest will he earn in 2 years?

User Najmul
by
7.8k points

1 Answer

4 votes

Answer:

$2.10

Explanation:

10 X 1.1^2 = 12.10

12.10 - 10 = 2.1

User Varinder Singh
by
8.5k points
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