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Correct answers only please!

Correct answers only please!-example-1
User Ffrey
by
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1 Answer

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p = 7000 is the amount deposited, aka the principal

r = 0.15 is the decimal form of 15% interest rate

t = 2 is the number of years the money sits in the account

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B = p*(1+r)^t

B = 7000*(1+0.15)^2

B = 7000*(1.15)^2

B = 7000*(1.3225)

B = 9257.50

Subtract off the deposited amount to get the interest earned

i = B - p = 9257.50 - 7000 = 2257.50

Answer: 2257.50

User Markus Hofmann
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