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Kennedy Won 3,000 from a Radio Contest.If She Puts This Money in a Bank Account That Earns S 2.9% Interest Compounded Quarterly, How

Problemas

Kennedy won 3,000 from a radio contest.If she puts this money in a bank account that earns s 2.9% interest compounded quarterly, how much interest will she earn in 10 years? 2.9% 915.59 Rome 933.28 Sydney 1,005.09Paris 979.81Dublin

Roztwór

Mayra professionell · Tutor durante 6 años
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Respuesta

To solve this problem, we need to use the formula for compound interest:A = P(1 + r/n)^(nt)Where:- A is the final amount (including principal and interest)- P is the principal amount (initial deposit)- r is the annual interest rate (in decimal form)- n is the number of times interest is compounded per year- t is the time in yearsGiven information:- Principal amount (P) = 3,957.02The interest earned in 10 years is the final amount minus the principal amount:Interest = A - PInterest = 3,000Interest = 957.02 in interest over 10 years.