Shane deposited 60 dollars in a savings account, earning 5% interest, compounded annually.
To the nearest cent, how much interest will he earn in 3 years?
+191 1st year: 60 + 5% of 60 = 63
2nd year 63 + 5% of 63 = 66.15
3rd year 66.15 + 5% of 66.15 = 69.4575
To the nearest cent is just rounding that answer to 69.46 then minus 60 from it to get 9.46$ interest
