The formula for interest compounded annually A = P(1 + r)' where A is the amount of money in the account after t years have passed, Pis the
amount of money that the account started with, and r is the annual rate of interest,
expressed as a decimal. What is the amount of interest earned, to the nearest cent,
if a principal sum of $2500 is invested at 3% interest compounded annually for
a period of 5 years?