Question

Find the total amount of interest on a savings account if the principal is $9400 and the bank gives a rate of 6% compounded quarterly for the next 6 years.

Answer 1

4037.3264$

Explanation:

Total amount of money after 6 years:

A = P x (1 + rate)^time

= 9400 x ( 1 + (6/100)/4)^(6 x 4)

= 13437.3264$

=> Total amount of interest after 6 years:

I = A - P = 13437.3264 - 9400 = 4037.3264$