Ask Question
21 May, 10:03

An investment of $6,599.20 earns 4.2% interest compounded monthly over 7 years. Approximately how much interest is earned on the investment?

+1
Answers (1)
  1. 21 May, 13:32
    0
    Fv=6599.20 (1+0.042/12) ^12*7

    Fv=8850.20

    Interest earned=8850.20-6599.20

    =2,251

    So the answer is a
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “An investment of $6,599.20 earns 4.2% interest compounded monthly over 7 years. Approximately how much interest is earned on the investment? ...” 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