Simon opened a savings account and deposited 800.00 as principal. The account earns 6% interest, compounded monthly. How much interest will he earn after 3 years?Round your answer to the nearest cent.

Solution

Solution

Interest : 157.34

Solution steps

Translate the problem into an equation:

957.34441 \dots = 800 + I

Solve for

I, 957.34441 \dots = 800 + I : I = 157.34

Interest : 157.34

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