John deposited $80 in a savings account earning 5% interest, compounded annually. to the nearest whole dollar, how much interest will he earn in 3 years?

The interest is equal to

Step-by-step explanation:

we know that    

The compound interest formula is equal to  

where  

A is the Final Investment Value  

P is the Principal amount of money to be invested  

r is the rate of interest  in decimal

t is Number of Time Periods  

n is the number of times interest is compounded per year

in this problem we have  

substitute in the formula above  

Find the interest

Round to the nearest whole dollar

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