If you put $300 into a savings account that pays annual compound interest of 10% per year and then withdraw the money two years later,you will earn interest of $63.

Question

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The interest earned after two years is $63.00. This is calculated as follows:Interest = Principal * Rate * TimeInterest = $300 * 0.10 * 2Interest = $60.00The total amount in the account after two years is $360.00 ($300.00 + $60.00).

If You Put $300 into a Savings Account That Pays