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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?

 Aug 18, 2021
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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

 Aug 18, 2021

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