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zhuklara [117]
3 years ago
15

Consider a $2,700 deposit earning 6 percent interest per year for 9 years. How much total interest is earned on the original dep

osit (excluding interest earned on interest)?
Business
1 answer:
kaheart [24]3 years ago
5 0

Answer:

Total interest earned on the original deposit=$403.593

Explanation:

Total Interest earned after 6 years using compound Interest:

FV=PV(1+i)^n

Where:

PV is the deposit amount

i is the interest Rate

FV=\$2,700(1+0.06)^9

FV=$4561.593

Total Interest earned after 6 years=FV-PV

Total Interest earned after 6 years=$4561.593-$2,700

Total Interest earned after 6 years=$1861.593

Total Interest earned after 6 years using single Interest:

Total Interest=$2,700*0.06*9

Total Interest =$1458

Total interest earned on the original deposit=Total Interest earned after 6 years-Total Interest

Total interest earned on the original deposit=$1861.593-$1458

Total interest earned on the original deposit=$403.593

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Answer:

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