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Cheryl made a one-time deposit at Eagle Savings & Loan of $6,400. The bank offers a 4.5% interest rate compounded annually. What is the amount of interest Cheryl will earn at the end of 5 years?
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25 votes
25 votes
Cheryl made a one-time deposit at Eagle Savings & Loan of $6,400. The bank offers a 4.5% interest rate compounded annually. What is the amount of interest Cheryl will earn at the end of 5 years?

User Jmcnevin
by
2.9k points

2 Answers

16 votes
16 votes
$1440
4.5 percent of 6,400 is 288. So, Cheryl earns $288 in interest PER YEAR. 288 times 5 (years) is 1440!
User Lianna
by
3.1k points
26 votes
26 votes

Answer: $1,440

Explanation:

i=prt

(6400)(.045)(5)=1440

User Chris Lloyd
by
3.0k points
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