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20-11-2020
Mathematics

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Felix has $50 in a savings account that earns 5% interest, compounded annually. To the nearest cent, how much interest will he earn in 2 years?

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20-11-2020

Answer:

$55.13

Step-by-step explanation:

50 * 1.05 = 52.5

We do this step twice because the interest is for 2 years.

52.5 * 1.05 = 55.125

This rounds up to 55.13, your final answer!

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