Multiple Choice
How much interest is earned in the third year on a $1,000 deposit that earns 7 percent interest compounded annually?
A) $70.00
B) $80.14
C) $105.62
D) $140.00 100 x (1.07) 2 = $1,144.90 after 2 years.
Correct Answer:
Verified
Correct Answer:
Verified
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