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12. Dalton placed $1500 into an account earning 7% annual interest compounded quarterly. After 3 years, how much interest will Dalton have earned?
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12 votes
12. Dalton placed $1500 into an account earning 7% annual interest compounded

quarterly. After 3 years, how much interest will Dalton have earned?

User Kristian Roebuck
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1 Answer

13 votes
First we multiply 7 * 4 (the number of quarterly in a year) = 28% then 1,500 * 28 = 42,000 then divide by 100, 42,000 / 100 = 420, finally multiply per 3 (the number of years) 420 * 3 = 1,260£
User Scumah
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