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Lizabeth deposited $6,200 into a savings account for which interest is compounded monthly at a rate of 2.37% how much interest will she earn after 8 years

Lizabeth deposited $6,200 into a savings account for which interest is compounded monthly at a rate of 2.37% how much interest will she earn after 8 years
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Lizabeth deposited $6,200 into a savings account for which interest is compounded monthly at a rate of 2.37% how much interest will she earn after 8 years

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User Piotr Malec
by
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1 Answer

3 votes
A=p (1+r/k)^kn
A=6,200×(1+0.0237÷12)^(12×8)
A=7,492.95

Interest earned A-p
7,492.95−6,200=1,292.95
answered
User Suvi Vignarajah
by
8.3k points
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