Answer:
The interest After 6 years is $ 79.03
Step-by-step explanation:
Given as :
The principal amount deposited in account = $ 700
The rate interest earn = 1.8 % per year
The Time period = 6 years
<u>From Compounded Method </u>
Amount = Principal ×
Or, Amount = $ 700 ×
Or, Amount = $ 700 ×
Or, Amount = $ 700 × 1.1129
∴ Amount = $ 779.03
Now , Interest = Amount - Principal
I.e Interest = $ 779.03 - $ 700 = $ 79.03
Hence The interest After 6 years is $ 79.03 , Answer