Ask Question
8 July, 03:35

Logan opened a savings account 21 years ago with a deposit of $3,471.52. The account has an interest rate of 3.1% compounded monthly. How much interest has Logan earned?

+5
Answers (1)
  1. 8 July, 07:25
    0
    P = $3,471.52, the principal

    r = 3.1% = 0.031, annual ratr

    n = 12, monthly compounding

    t = 21 years

    Note that n*t = 252.

    The value after 21 years is

    A = 3471.52 * (1 + 0.031/12) ²⁵²

    = $6,650.91

    The interest earned is

    6650.91 - 3471.52 = 3179.39

    Answer: $3,179.39
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Logan opened a savings account 21 years ago with a deposit of $3,471.52. The account has an interest rate of 3.1% compounded monthly. How ...” in 📙 Mathematics if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers