Question

2. Brandi deposited $2500 in her bank account. Her account is earning 2.85% interest

compounded annually.
a) How much money will she have in her bank account after 5 years?
b) How much interest did she earn in the 5 years?

Answer 1

$356.25 earned in interest, 2856.25 Total.

Explanation:

2.85% of 2500 is 71.25. Multiply that by the time (5 years) and get 356.25 (this is the amount of interest earned)

add that to the original amount. (this is the amount in the account now)