SOLUTION: a sum of $3600 together with the interest earned is left for 3 years in a bank that pays an interest rate of 6% compounded annually. How much interest is earned (to the nearest cen
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Question 170155: a sum of $3600 together with the interest earned is left for 3 years in a bank that pays an interest rate of 6% compounded annually. How much interest is earned (to the nearest cent)? Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! a sum of $3600 together with the interest earned is left for 3 years in a bank that pays an interest rate of 6% compounded annually. How much interest is earned (to the nearest cent)?
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A(3) = 3600**(1.06)^3 = $4287.6576
Inerest = 4287.6576-3600 = $687.66
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Cheers,
Stan H.
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