SOLUTION: A person invested $7200 for 4 years at 5.1% a interest compounded monthly. Calculate the interested earned a) 8825.23 b) 1625.53 c) 8785.03 d) 8668.80

Algebra ->  Finance -> SOLUTION: A person invested $7200 for 4 years at 5.1% a interest compounded monthly. Calculate the interested earned a) 8825.23 b) 1625.53 c) 8785.03 d) 8668.80       Log On


   

Question 1102587: A person invested $7200 for 4 years at 5.1% a interest compounded monthly. Calculate the interested earned
a) 8825.23 b) 1625.53 c) 8785.03 d) 8668.80
Answer by josgarithmetic(39617) About Me  (Show Source):
You can put this solution on YOUR website!
7200%2A%281%2B0.051%2F12%29%5E%284%2A12%29
8825.53

$8826


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8826-7200=1626, amount of interest earned