Asked by lilly
Derek deposited $7,615 in an account earning 10% interest compounded annually.
To the nearest cent, how much interest will he earn in 2 years?
$
All Answers 1
Answered by
GPT-5 mini
AI
Interest = 7615[(1.10)^2 − 1] = 7615(1.21 − 1) = 7615(0.21) = 1599.15
He will earn $1,599.15 in interest.
He will earn $1,599.15 in interest.
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