Jason has $70 in a savings account that earns 5% interest, compounded annually. To the nearest cent, how much interest will he earn in 2 years?

$77.18

Step-by-step explanation:

A = total amount

P = principal

I = interest

A = P(1 + r/n)^n·t

A = 70(1+.05)²

A = 70(1.05)²

A = 77.175

I = A - P

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step-by-step explanation:

in problems involving proportions, we can use cross products to test whether two ratios are equal and form a proportion. to find the cross products of a proportion, we multiply the outer terms, called the extremes, and the middle terms, called the means.

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