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)
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
Jun 28, 2018
10% compounded quarterly is 2.5% per quarter
Over 4 years there would be
This gives us
Amount
Amount =
Amount = 404.1749601
600 - 404.1749601= 195.8250399
Interest earnt is $195.83
