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The Hendersons are saving up to go on a family vacation in 2 years. They invest \3100 into an account with an annual interest rate of 1.13 % compounded annually. How much interest is earned on the Hendersons' investment after 2 years?

Solution

Solution

Interest : 70.46

Solution steps

Translate the problem into an equation:

3170.455839 = 3100 + I

Solve for

I, 3170.455839 = 3100 + I : I = 70.46

Interest : 70.46

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