From personal advice to professional guidance, IDNLearn.com has the answers you seek. Whether it's a simple query or a complex problem, our community has the answers you need.
Felix has $100 in an account that earns 5% interest compounded annually.
To the nearest cent, how much interest will he earn in 2 years?
The $100 increases by 5%, or 1.05, every year, and to find the interest after two years, we use the formula above. His value after the first year raises to $105, and then again by 5%, which is 110.49.
We value your participation in this forum. Keep exploring, asking questions, and sharing your insights with the community. Together, we can find the best solutions. IDNLearn.com provides the answers you need. Thank you for visiting, and see you next time for more valuable insights.
