Ethan invests $3000 in a mutual fund that earns 6% interest per year compounded monthly. After 10 years, the investment is worth

Question

2 years ago

15

$5,458.19. How much interest did he earn?

1 answer:

sladkih [1.3K] · Answer 1 · 2022-07-28T17:39:21+03:00

8 0

Answer:

$A = P(1 +\frac{r}{n} )^{nt}$

A = 3000(1 + .06/12)^120

strange the question did not want you to calculate the amount

that was given....

the interest is 5,458.19 - 3000 = 2,458.19

Step-by-step explanation: