Hakim deposited $50 in a saving account earning 10% interest, compounded annually . To the nearest cent , how much interest will he earn in 2 years?

$10.50

Step-by-step explanation:

(see attached for reference)

The formula for compound interest is:

A = P [1 + (r/n) ]^(nt)

where

A = Final amount

P = Principal = $50

r = Annual interest rate = 10% = 0.1

n = 1 (because compounded annually)

t = time = 2 years

substituting this into the equation:

A = P [1 + (r/n) ]^(nt)

= 50 [ 1 + (0.1/1) ] ^ [(1)(2)]

= 50 [ 1 + 0.1] ^ 2

= 50 (1.1)²

= $60.50

Interest = Final amount - Principal

=$60.50 - $50.00

=  $10.50

where are the images of the functions i can only see the question you typed.

step-by-step explanation:

the first one

step-by-step explanation:

just id the test.