Jack is planning to invest 65 000 at 4.8% p.a. for 7 years with interest compounded monthly. Calculate the compound interest earned on Jack’s investment.

Solution

Solution

Interest : 25896.1

Solution steps

Translate the problem into an equation:

90896.09641 \dots = 65000 + I

Solve for

I, 90896.09641 \dots = 65000 + I : I = 25896.1

Interest : 25896.1

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