Andrew has $550 in a savings account that earns 5 % annually. How much will he earn in interest in 4 years?

Use the formula = , where is the interest earned, is the principal (starting amount), is the interest rate expressed as a decimal, and is the time in years.

Question

07-04-2021
Mathematics

Answered

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Andrew has $550 in a savings account that earns 5 % annually. How much will he earn in interest in 4 years?

Use the formula = , where is the interest earned, is the principal (starting amount), is the interest rate expressed as a decimal, and is the time in years.

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