Marie opened a savings account and deposited 200.00 as principal. The account earns 5% interest, compounded quarterly. How much interest will she earn after 9 years?

Solution

Solution

Interest : 112.79

Solution steps

Translate the problem into an equation:

312.78876 \dots = 200 + I

Solve for

I, 312.78876 \dots = 200 + I : I = 112.79

Interest : 112.79

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