Question

Find the compound amount for the deposit and the amount of interest earned. $5700 at 3.3% compounded quarterly for 2 years

Answer 1

Answers:

$6087.24 is the final account balance

You earned $387.24 in interest

Work Shown

A = P*(1+r/n)^(n*t)

A = 5700*(1+0.033/4)^(4*2)

A = 6087.24387140623

A = 6087.24

That represents the final account balance at the end of the 2 year period.

Subtract off the deposit amount to find the interest earned.

6087.24 - 5700 = 387.24