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25 April, 09:54

2. Sumara Kato's savings account has a balance of $1663. After 19 years, how much interest

will she have eamed if her rate is 5.5% compounded annually?

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  1. 25 April, 11:13
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    Step-by-step explanation:

    interest = Amount - principal

    A = P (1+r) ^t

    r = 5.5% = 5.5/100 = 0.055

    A = 1663 (1 + 0.055) ^19

    A = 1663 (1.055) ^19

    A = 4,599.270812203411

    Let's say A = 4,599

    interest = 4,599-1663 = 2,936
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