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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asked May 21, 2022 205k views

5 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?

Mathematics
middle-school

Esteuart asked

by Esteuart

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2 Answers

3 votes

$1440
4.5 percent of 6,400 is 288. So, Cheryl earns $288 in interest PER YEAR. 288 times 5 (years) is 1440!

Rufo El Magufo answered May 22, 2022

by Rufo El Magufo

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5 votes

Answer: $1,440

Explanation:

i=prt

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

Yoo answered May 28, 2022

by Yoo

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