hlawndim7866 hlawndim7866
  • 03-11-2018
  • Mathematics
contestada

Daniel puts $80,000 in an account that earns 0.6% interest compounded annually. How much interest does he earn after 15 years?

Respuesta :

sana0610 sana0610
  • 03-11-2018
Answer: $7,510.41

A = P (1+r/100)^n
A = [tex]80000 {(1 + \frac{0.6}{100} )}^{15} [/tex]
A= 87,510.41 (Approximate to two decimal places)

I = A-P
I = 87,510.41 - 80,000
I = 7,510.41

Note:
A=Total amount
P=Principal (Initial amount)
r= Rate of interest
n=Time
I= Interest
Answer Link
rt0370533 rt0370533
  • 31-08-2020

Answer:

$7,510.41

Step-by-step explanation:

Answer Link

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