How much interest did she earn?
Anne inherited some money from her grandfather and put it in a bank account that earns 10% interest compounded quarterly. After 4 years, Anne had $600.00 in the bank account. How much interest did she earn? (ROUND TO THE NEAREST CENT)
Anne inherited some money from her grandfather and put it in a bank account that earns 10% interest compounded quarterly. After 4 years, Anne had $600.00 in the bank account. How much interest did she earn? (ROUND TO THE NEAREST CENT)
1 Answer
Feb 22, 2018
$2971.82
Explanation:
The equation for compounded interest is
A is the answer, P is the starting amount, e is a constant, r is the rate of change, t is times compounded.
rounded to the nearest cent: