Mathematics
KyleighH
28

Mr. Ellis deposited $3,700 into a savings account for which interest is compounded quarterly at a rate of 1.84% how much interest will he earn after 6 years

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(1) Answers
Cibula685

A=p (1+I/k^kn A future value ? P principle 3700 i interest rate 0.0184 K compounded quarterly 4 N time 6 years A=3,700×(1+0.0184÷4)^(4×6) A=4,130.84 Interest earned=A-p 4,130.84−3,700=430.84 Hope it helps:-)

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