Question

Brett deposited $3200 into a savings account for which interest is compounded quarterly at a rate of 2.4%. How much interest will he earn after 15 years? $300.42 $768.14 $1367.19 $1381.72

Answer 1

Answer: $1381.72

Explanation:

A= P(1+r/n)^nt

(Compounded quarterly= 4)

step 1.

3200(1+0.024/4)^(4)(15):

3200(1+0.006)^60= 4581.72

step 2.

4581.72- 3200= 1381.72

Answer 2

$1,367.19

Explanation: