Question

Ernesto has $50 in a savings account that earns 10% interest, compounded annually.

To the nearest cent, how much will he have in 3 years?

Answer 1

66.55$

Explanation:

Since it's compounded you have to do the math for every year

50x.1=5 50+5=55

55x.1=5.5 55+5.5=60.5

60.5x.1=6.05 60.5+6.05=66.55$

Ofc if I'm wrong flame me