Question

tamika opened a money market account that has a 4.25% annual interest rate, compounded annually. She deposits $1750 into the account each year. How much interest will the account earn after 15 years?

Answer 1

The account should gain $11,156.25 after 6 years.

Take $1,750 and times it by the interest rate, .425%. You’ll get $743.75 as an answer, then times that by 15 (years) and you’ll get your final answer, which is $11,156.25. Hope that helps! :)