Question

1. Trinity deposited $6,000 into a savings account 5 years ago. She remembers that the

interest compounded quarterly but can't remember the rate. If she currently has $9,381.39 in
the account, what is the interest

Answer 1

Step-by-step explanation: If interest is compounded yearly, then n = 1; if semi-annually, then n = 2; quarterly, then n = 4; monthly, then n = 12; weekly, then n = 52; daily, then n = 365; and so forth, regardless of the number of years involved. Also, "t" must be expressed in years, because interest rates are expressed that way.