Question #178876

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?


1
Expert's answer
2021-04-29T17:46:22-0400

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


A=$2,642(1+0.0324)4×3A=\$2,642(1+\frac {0.032}{4})^{4×3}


A=$2,642(1+0.008)12A=\$2,642 (1+0.008)^{12}


A=$2,907.09A=\$2,907.09


Interest =$2,907.09$2,642=$265.09\$2,907.09-\$2,642=\$265.09


Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Comments

No comments. Be the first!
LATEST TUTORIALS
APPROVED BY CLIENTS