An investment of $9,875 earns 4.8% interest compounded monthly over 12 years. approximately how much interest is earned on the i

Question

3 years ago

6

nvestment?
a. $4,740
b. $7,458
c. $7,672
d. $17,567

2 answers:

choli [55] · Answer 1 · 2022-02-01T12:51:13+03:00

choli [55]3 years ago

4 0

A = 9,875 (1 + 0.048/12)^ 12(12)

A = $ 15,547

The amount of interest earned on investment = $ 15,547 - $ 9,875
= $ 7,672

Hope this helps

lbvjy [14] · Answer 2 · 2022-02-01T15:07:56+03:00

lbvjy [14]3 years ago

4 0

On E, the correct answer is C.

I just took the test :)