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Finance
Interest Calculation
Compound Interest
Sophie has $40 in an account. The interest rate is 5% compounded annually. To the nearest cent, how much interest will she earn in 3 years?
1 answer
The interest after 3 years is $40 * 0.05 * 3 = $<<40*0.05*3=6>>6. Answer: \boxed{6}.
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