Asked by Sigma

Albert has $1,000 in an account. The interest rate is 5% 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: 1000(1.05)^4 = 1000(1.21550625) = 1215.50625.
Interest earned = 1215.50625 − 1000 = 215.50625 ≈ $215.51.