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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?
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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?

User James Shaw
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2 Answers

1 vote
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
User MALON
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7 votes

Answer:

2458.77

Explanation:

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

User Mathews Sunny
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