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Popular Word Problems >

If 12, 000 is invested at 14% interest compounded quarterly, find the interest earned in 11 years

Solution

I f ​12, 000 i s in v es t e d a t 14​% in t eres t co m p o u n d e d q u a r t er l y ​, f in d t h e in t eres t e a r n e d in 11 ye a rs

Solution

Interest : 42520.1

Solution steps

Translate the problem into an equation:

54520.09914 \dots = 12000 + I

Solve for

I, 54520.09914 \dots = 12000 + I : I = 42520.1

Interest : 42520.1

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