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Eli opened a savings account and deposited 500.00 as principal. The account earns 10% interest, compounded quarterly. How much interest will he earn after 5 years?Round your answer to the nearest cent.

Solution

Solution

Interest : 319.31

Solution steps

Translate the problem into an equation:

819.30822 \dots = 500 + I

Solve for

I, 819.30822 \dots = 500 + I : I = 319.31

Interest : 319.31

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