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Preston has $30 in a savings account that earns 7% interest, compounded annually. To the nearest cent, how much interest will he earn in 1 year?
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1 vote
Preston has $30 in a savings account that earns 7% interest, compounded annually. To the nearest cent, how much interest will he earn in 1 year?

User Moesio
by
6.9k points

2 Answers

3 votes
$32.10 dollars is the correct answer
User Gremash
by
6.3k points
5 votes

Explanation:

do 30x 1.07 is 32.10 dollars

formula

starting value x interest^no of years if shown

User Chevone
by
7.5k points
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