Gita invests $2642 in a savings account for 3 years that earns 3.2% compounded quarterly.
How much interest will she have earned at the end of 3 years?
A=P(1+rn)ntA=P(1 +\frac {r} {n}) ^{nt}A=P(1+nr)nt
A=$2,642(1+0.0324)4×3A=\$2,642(1+\frac {0.032}{4})^{4×3}A=$2,642(1+40.032)4×3
A=$2,642(1+0.008)12A=\$2,642 (1+0.008)^{12}A=$2,642(1+0.008)12
A=$2,907.09A=\$2,907.09A=$2,907.09
Interest =$2,907.09−$2,642=$265.09\$2,907.09-\$2,642=\$265.09$2,907.09−$2,642=$265.09
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