Question

Isabella is calculating the interest earned on a deposit of $3,000 in an account that earns 4% compound interest after 6 years.​

Answer 1

given:

$3,000 in an account that earns 4% compound interest after 6 years.

solution:

`p = 3000`

`r = 4`

`t = 6years`

`interest = (prt)/(100)`

`= (3000 * 6 * 4)/(100)`

`= 720`

therefore, $720 is the current amount of interest.