Question

You deposit $2200 into three separate bank accounts that each pay 3% annual interest. How much interest does each account earn after 6 years? Quarterly monthly and daily

Answer 1

This can be solve using the formula:
F = P ( 1 + i)^n
where F is the money after n years
P is the initial amount of money
i is the annual interest rate
n is the time in years
since you deposit in 3 accounts P = 2200/3
F = ( 2200 / 3) ( 1 + 0.03)^6
F = $ 875.64 is the money each account earned after 6 years