SOLUTION: An investment of $6,599.20 earns 4.2% interest compounded monthly over 7 years. Approximately how much interest is earned on the investment?
Algebra.Com
Question 1049964: An investment of $6,599.20 earns 4.2% interest compounded monthly over 7 years. Approximately how much interest is earned on the investment?
Answer by addingup(3677) (Show Source): You can put this solution on YOUR website!
Amount = Principal(1+r/n)^nt
A = 6,599.20(1+0.042/12)^(12*7) = 8,850.16
8,850.16-6,599.20 = 2,250.96 is the amount interest earned on the investment
RELATED QUESTIONS
An investment of $2,000 is earning interest at the rate of 6.2% compounded quarterly over (answered by kierra2)
Suppose $17,000 is invested in an account with an APR of 5%.
If the interest is... (answered by ikleyn)
How much more interest is earned on an investment of $12,585 at 3.5% interest over 5... (answered by jorel555)
How much will an investment of $100 become at 8% interest, compounded monthly over 5... (answered by Fombitz)
Suppose $17,000 is invested in an account with an APR of 4.6%.
A)If the interest is... (answered by Boreal)
Suppose $23,000 is invested in an account with an APR of 4.9%.
a.) If the interest is... (answered by ikleyn)
How much interest is earned for the investment?
$20,000 for 2 years at 6% compounded... (answered by rfer)
How much interest is earned for the investment?
$20,000 for 2 years at 6% compounded... (answered by ewatrrr)
How much interest is earned for the investment?
$20,000 for 2 years at 6% compounded... (answered by scott8148)