SOLUTION: how much interest is earned in 4 years on $6,000 that is deposited in an account with 5.5% interest that compounds annually? is the answer $330.00
Algebra.Com
Question 700307: how much interest is earned in 4 years on $6,000 that is deposited in an account with 5.5% interest that compounds annually? is the answer $330.00
Found 2 solutions by rfer, solver91311:
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
A=6000(1.055)^4
A=6000*1.23882
A=$7432.95
-------
I=7432.95-6000
I=$1432.95
You only calculated one year.
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
No. $330 is the interest earned the first year.
The total interest earned, 
is given by ^n\ -\ 1\right))
where 
is the initial investment, 
is the interest rate as a DECIMAL, and 
is the number of years.
John
Egw to Beta kai to Sigma
My calculator said it, I believe it, that settles it
RELATED QUESTIONS
An amount of $1100 is deposited for 6 years in an account that earns 6% interest. (Round... (answered by Theo)
How much interest is earned in 6 years on $8600 deposited in an account paying 7%... (answered by ikleyn)
David deposited $10,000 in an account that pays 5 percent interest compounded annually.... (answered by ikleyn,mananth)
$24,000 is deposited for 5 years in an account earning 7% interest. (Round your answers... (answered by josgarithmetic)
$24,000 is deposited for 5 years in an account earning 7% interest. (Round your answers... (answered by Boreal)
Suppose $17,000 is invested in an account with an APR of 5%.
If the interest is... (answered by ikleyn)
A total of P600 000 is deposited into two simple interest accounts. On one account the... (answered by jojo14344)
an investment of $20,000 is made in a 10.5% simple interest account. How much additional... (answered by wuwei96815)
robert deposited $200 into an account that earns 5% interest compounded 4 times per year. (answered by solver91311)
