Question 605762: Find the amount of interest earned for a deposit of $24,677.23 at 9.72% compounded monthly for 32 months. Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! Find the amount of interest earned for a deposit of $24,677.23 at 9.72% compounded monthly for 32 months.
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Interest = value after 32 months - initial deposit
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Value after 32 mths.: 24677.23(1 + (0.0972/12))^(12*(32/12))
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= 24677.23(1.0081^(32) = 24677.23*1.2945
= 31945.68
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Interest = 31945.68-24677.23 = 7268.45
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Cheers,
Stan H.
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