Question

Chase deposits $6,467.40 into a savings account that pays a simple annual interestrate of 4.13%. How much interest will he earn after 9 years? Round answer to thehundredths place.

Answer 1

Given:-

Chase deposits $6,467.40 into a savings account that pays a simple annual interest rate of 4.13%.

To find the interest after 9 years.

So now we use the formula,

`A=p(1+rt)`

Now we substitute the required value. so we get,

`\begin{gathered} A=6467.40(1+(4.13)/(100)*9) \\ A=6467.40(1+0.0412*9) \\ A=6467.40(1.3708) \\ A=8865.511 \end{gathered}`

So the interst earned is,

`8865.511-6467.40=2398.111`

So the required interest after rounding is 2398.11