Use the given information to find the amount A in the account earning compound interest after 6 years when the principal is 3500. r=2.29%, compounded monthly

Solution

Solution

Interest : 448.93

Solution steps

Translate the problem into an equation:

3500 = \frac{3500 \cdot 1 2 ^{72}}{12.022 9 ^{72}} + I

Solve for

I, 3500 = \frac{3500 \cdot 1 2 ^{72}}{12.022 9 ^{72}} + I : I = 448.93

Interest : 448.93

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