Nelson opened a savings account 11 years ago with a deposit of $3,115.89. The account has an interest rate of 5.3% compounded monthly. How much interest has Nelson earned?

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asked Jan 6, 2018 82.1k views

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Nelson opened a savings account 11 years ago with a deposit of $3,115.89. The account has an interest rate of 5.3% compounded monthly. How much interest has Nelson earned?

Mathematics
middle-school

James Shaw asked

by James Shaw

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2 Answers

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Attached solution with detailed work using compound interest formula.

Nelson opened a savings account 11 years ago with a deposit of $3,115.89. The account-example-1

MALON answered Jan 9, 2018

by MALON

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7 votes

Answer:

2458.77

Explanation:

3115.89*(1+0.053/12)^(11*12) - 3115.89 = 2458.77

Mathews Sunny answered Jan 11, 2018

by Mathews Sunny

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