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Joey opened a savings account and deposited 300.00 as principal. The account earns 9% interest, compounded annually. How much interest will he earn after 2 years?Round your answer to the nearest cent.

Solution

Solution

Interest : 56.43

Solution steps

Translate the problem into an equation:

356.43 = 300 + I

Solve for

I, 356.43 = 300 + I : I = 56.43

Interest : 56.43

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