Question

A savings account was opened 11 years ago with a deposit of $6,225.50. The account has an interest rate of 3.9% compounded monthly. How much interest has the account earned?

$9,553.98
$3,328.48
$247.12
$226.21

Answer 1

`6225.50 {(1 + (.039)/(12) )}^(11 * 12) = 9553.98`

$9,553.98 - $6,225.50 = $3,328.48

The interest is $3,328.48