Question

Brain deposited 9000 into a savings account for which interest is compounded monthly at a rate of 2.36%. How much interest will he earn after 11 years?

214.71
416.03
2336.40
2664.73

Answer 1

Answer: THE ANSWER IS D) $2664.73

Step-by-step explanation: I GOT A 100 ON THE TEST

Answer 2

Hi there
First find the future value using the formula of compound interest
The formula is
A=p (1+r/k)^kt
A future value?
P present value 9000
R interest rate 0.0236
k compounded monthly 12
T time 11 years
A=9,000×(1+0.0236÷12)^(12×11)
A=11,664.73

Now find the interest earned
I=A-p
I interest earned?
A future value 11664.73
P present value 9000
So
I=11,664.73−9,000
I=2,664.73


Good luck!