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Leto [7]
2 years ago
11

Mr. Ellis deposited $3,700 into a savings account for which interest is compounded quarterly at a rate of 1.84% how much interes

t will he earn after 6 years
Mathematics
2 answers:
Bad White [126]2 years ago
7 0
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:-)

Tcecarenko [31]2 years ago
3 0

Answer:

The interest is equal to \$430.84

Step-by-step explanation:

we know that    

The compound interest formula is equal to  

A=P(1+\frac{r}{n})^{nt}  

where  

A is the Final Investment Value  

P is the Principal amount of money to be invested  

r is the rate of interest  in decimal

t is Number of Time Periods  

n is the number of times interest is compounded per year

in this problem we have  

t=6\ years\\ P=\$3,700\\ r=0.0184\\n=4  

substitute in the formula above  

A=\$3,700(1+\frac{0.0184}{4})^{4*6}=4,130.84  

Find the interest

I=A-P

substitute

I=\$4,130.84-\$3,700=\$430.84

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