Question

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 monthly. How much interest has Nelson earned? (the last answered question to this was false)

Answer 1

Answer:

P=$3115.89

R=5.3%

T=11 years =11*12 months

now,

I=P(1+R/100)^T