Denise deposited $300 in an savings account earning 1% interest, compounded annually. How much interest will she earn in 2 years

Question

Esther Shelton

Mathematics

15 February, 13:03

Denise deposited $300 in an savings account earning 1% interest, compounded annually. How much interest will she earn in 2 years

+5

Answers (1)

Know the Answer?

Romeo Anthony · Answer 1

she'll earn $6.03 in interest

Step-by-step explanation:

A = P (1 + r) ^ (t)

A = 300 (1+.01) ^2 = 300 (1.01^2) = 306.03

So she will earn 306.03 - 300 = $6.03 in two years