Question

Vivian has $57,366.66 in a savings account. The interest rate is 9 2/5%, compounded annually.

To the nearest cent, how much interest will she earn in 4 years

Answer 1

Answer:20652.00

Explanation:

The formula would be p*r*t

p is the principal which is amount of money before interest

r is the interest rate

t is time period

so it would be 57,366.66*9 2/5%*4

9 2/5 as a decimal would be 9.4 or 0.09

57,366.66*9.4=539246.604*4=2156986.416

The correct amount would be $20652.00 in 4 years

Use 0.09 when u multiply instead of 9.4 because it is much easier