Question

Terest formula to compute the total amount accumulated and

$5000 for 3 years at 1.7% compounded monthly
The total amount accumulated after 3 years is $ 5,261.42
(Round to the nearest cent as needed.)
The amount of interest earned is $
(Round to the nearest cent as needed.)

Answer 1

Interest = $261.42

Explanation:

amount of interest earned is $

(Round to the nearest cent as needed.)

Amount = Principal + Interest

Amount - Principal = Interest

$ 5,261.42 - $5000 = Interest = $261.42