Nelson opened a savings account 11 years ago with a deposit of $3,115.89. The account has an interest rate of 5.3% compounded mo
nthly. How much interest has Nelson earned?
2 answers:
Answer:
2458.77
Step-by-step explanation:
3115.89*(1+0.053/12)^(11*12) - 3115.89 = 2458.77
Attached solution with detailed work using compound interest formula.
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~ Zoe
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