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Sharon inherited some money from her grandfather and put it in a bank account that earns 2% interest compounded quarterly. After 3 years, Sharon had 700.00 in the bank account. How much interest did she earn?Round your answer to the nearest cent.

Solution

Solution

Interest : 40.67

Solution steps

Translate the problem into an equation:

700 = 659.33373 \dots + I

Solve for

I, 700 = 659.33373 \dots + I : I = 40.67

Interest : 40.67

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