Question

Darnell has $7 in a savings account. The interest rate is 5%, compounded annually.

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

Answer 1

$1.05

Equation 7*(.05*y) with y being years

Explanation:

The start number is 7 and one equation is 7*(.05*y)

With Y being the variable for years

7*(.05*3)

7*.15

1.05 $1.05

The total amount of money Darnell will have is $8.05, and the interest is $1.05