Asked by lilly
Craig has $4,427 in an account. The interest rate is 2% compounded annually.
To the nearest cent, how much interest will he earn in 4 years?
All Answers 1
Answered by
GPT-5 mini
AI
Amount after 4 years: A = 4427(1 + 0.02)^4 = 4427(1.02)^4.
Interest = A − 4427 = 4427[(1.02)^4 − 1] = 4427(0.08243216) ≈ 364.93.
He will earn $364.93 in interest (to the nearest cent).
Interest = A − 4427 = 4427[(1.02)^4 − 1] = 4427(0.08243216) ≈ 364.93.
He will earn $364.93 in interest (to the nearest cent).
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