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:-)