Question

The principal represents an amount of money deposited in a savings account subject to compound interest at the given rate.

Principal $6500
Rate. 2%
Compounded. quarterly
Time. 3 years

A. Find how much money there will be in the account after the given number of years.
B. Find the interest earned.

Answer 1

A. After 3 years, the amount in the account will be $6730.40.

B. The interest earned will be $230.40.

Explanation: