Answer:
[tex]\large \boxed{\$70.02}[/tex]
Step-by-step explanation:
The compound interest formula is
[tex]A = P\left(1 + \dfrac{r}{n}\right)^{nt}[/tex]
Data:
P = 300
r = 2.12 % = 0.0212
t = 10 yr
n = 1 calculation per year
1. Accrued amount:
A = 300(1+ 0.0212)¹⁰
= 300 × 1.0212¹⁰
= 300 × 1.233 41
= 370.02
2. Interest
I = A - P = 370.02 - 300.00 = 70.02
[tex]\text{The interest is $\large \boxed{\mathbf{\$70.02}}$}[/tex]
