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Adam opened a savings account and deposited 100.00 as principal. The account earns 5% interest, compounded quarterly. How much interest will he earn after 6 years?Round your answer to the nearest cent.

Solution

Solution

Interest : 34.74

Solution steps

Translate the problem into an equation:

134.73510 \dots = 100 + I

Solve for

I, 134.73510 \dots = 100 + I : I = 34.74

Interest : 34.74

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