Question

Wendy opened a savings account 15 years ago with a deposit of $2,340.73. The account has an interest rate of 4.7% compounded monthly. How much interest has

Wendy earned?

Answer 1

$4661.77

Explanation:

100 + 4.7 = 104.7%

104.7% = 1.047

$2340.73 x 1.047^15 = $4661.77

Answer 2

4661.77, that’s how much Wendy earned . Ah it’s no problem don’t mention it