Question

Find the interest generated if one invests $6000 for 9 years at 7% per annum with interest compounded monthly

Answer 1

Answer:

principle= 6000

time =9 years

rate = 7%

so,

compound interest = p((1+r/100)^t. -1)

= 6000((1+0.07)^9 -1)

=6000(1.84-1)

=6000*0.84

=5040