Question

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?

Answer 1

Attached solution with detailed work using compound interest formula.

Answer 2

2458.77

Explanation:

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