Plzzz me! edgar has $8,922 in a savings account that earns 3% interest, compounded annually. to the nearest cent, how much interest will he earn in 5 years?

At the end of the 5 years, Edgar will have $10,343.27 in his savings account.

Step-by-step explanation:

For this problem we will be using the compound interest appreciation equation

A = P(1 + r)^t

Where P = starting amount of money

r = interest rate (in decimal format)

t = time, in this case, the number of years

If Edgar starts out with $8,922 in his savings, we will plug this number in for P in our equation.

He is gaining 3% interest each year, so we need to convert this into decimal format

3% / 100% = 0.03, this will be plugged in for r

Finally, t will be 5 years, as we are wondering how much money he will have accrued in that amount of time.

Our equation is then

A = 8,922 (1 + 0.03)^5

A = 8,922 (1.03)^5

A = 8,922 * 1.1593

A = 10,343.27

At the end of the 5 years, Edgar will have $10,343.27 in his savings account.

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