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29 September, 16:24

Find the total amount of interest on a savings account if the principal is $9400 and the bank gives a rate of 6% compounded quarterly for the next 6 years.

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  1. 29 September, 17:42
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    4037.3264$

    Step-by-step explanation:

    Total amount of money after 6 years:

    A = P x (1 + rate) ^time

    = 9400 x (1 + (6/100) / 4) ^ (6 x 4)

    = 13437.3264$

    => Total amount of interest after 6 years:

    I = A - P = 13437.3264 - 9400 = 4037.3264$
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