Ariana opened a savings account and deposited 800.00 as principal. The account earns 6% interest, compounded monthly. How much interest will she earn after 5 years?Round your answer to the nearest cent.

Solution

Solution

Interest : 279.08

Solution steps

Translate the problem into an equation:

1079.08012 \dots = 800 + I

Solve for

I, 1079.08012 \dots = 800 + I : I = 279.08

Interest : 279.08

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