SOLUTION: Mrs. Rodriguez deposits $6800 into a fund that compounds 3.5% interest annually. She leaves the money in the fund for 5 years. To the nearest dollar, what is the compounded interes
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-> SOLUTION: Mrs. Rodriguez deposits $6800 into a fund that compounds 3.5% interest annually. She leaves the money in the fund for 5 years. To the nearest dollar, what is the compounded interes
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Question 1102765: Mrs. Rodriguez deposits $6800 into a fund that compounds 3.5% interest annually. She leaves the money in the fund for 5 years. To the nearest dollar, what is the compounded interest money earned after 5 years? Answer by Boreal(15235) (Show Source):
You can put this solution on YOUR website! P=Po(1+r/n)^nt is the compound interest formula
P=6800(1 +.035)^5, since 5 compoundings total.
$8076.27 is P, but that is the total amount in the account
-$6800
$1276 is the interest earned
