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20POINTS PLEASE HELP!!!!

20POINTS PLEASE HELP!!!!-example-1
User Amala
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2 Answers

5 votes
Total compounded interest = 6200(1 + 0.0237 / 12)^48 - 6200
Total compounded interest = 7492.95 - 6200
Total compounded interest = 1292.95

answer is B. $1292.95


User Raisyn
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5 votes
I believe the answer is C or $2036.12 because sh earns 2.37% a month, and there is 12 months in a year so you have to multiply that percentage by 12 to make it one year. Then it asked for 8 years, so since you know how much percentage there is for one year, you just multiply by 8. Then you multiply your answer by 6200, and add that result to 6200, which is how you get c or 2036.12.

User Fred Sobotka
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9.1k points