Asked by Anonymous

Barry Newman's savings account has a balance of $2707. After 4 years, what will the amount of interest be at 5% compounded annually?
Answered by Ms. Sue
2707 * 1.05 = 2842.35 > end of year 1

2842.35 * 1.05 = 2984.4675 > end of year 2

Take it from there.

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