Question

Correct answers only please! I keep loosing points...

Quincy has $6,000 in a savings account that earns 4% interest, compounded annually.

To the nearest cent, how much interest will he earn in 5 years?

Use the formula B = p(1 + r)t, where B is the balance (final amount), p is the principal (starting amount), r is the interest rate expressed as a decimal, and t is the time in years.

Answer 1

$ 7,299.92

Explanation:

A = $ 7,299.92

A = P + I where

P (principal) = $ 6,000.00

I (interest) = $ 1,299.92