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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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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?

User Esteuart
by
5.0k points

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!
User Rufo El Magufo
by
5.3k points
5 votes

Answer: $1,440

Explanation:

i=prt

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

User Yoo
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4.9k points
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