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Popular Word Problems >

Amelia's investment of \$3660 earns interest at 2.1% per year compounded monthly over 8 years. What is the amount of interest earned?

Solution

A m e l i a^{'} s in v es t m e n t o f $3660 e a r n s in t eres t a t 2.1% p er ye a r co m p o u n d e d m o n t h l y o v er 8 ye a rs . Wha t i s t h e am o u n t o f in t eres t e a r n e d ?

Solution

Interest : 668.91

Solution steps

Translate the problem into an equation:

4328.91233 \dots = 3660 + I

Solve for

I, 4328.91233 \dots = 3660 + I : I = 668.91

Interest : 668.91

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