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Brad inherited some money from his grandfather and put it in a bank account that earns 7% interest compounded annually. After 2 years, Brad had 800.00 in the bank account. How much interest did he earn?Round your answer to the nearest cent.

Solution

Solution

Interest : 101.25

Solution steps

Translate the problem into an equation:

800 = 698.75098 \dots + I

Solve for

I, 800 = 698.75098 \dots + I : I = 101.25

Interest : 101.25

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