Aubrey opened a savings account and deposited 500.00 as principal. The account earns 13% interest, compounded quarterly. How much interest will she earn after 2 years?

Solution

Solution

Interest : 145.79

Solution steps

Translate the problem into an equation:

645.78876 \dots = 500 + I

Solve for

I, 645.78876 \dots = 500 + I : I = 145.79

Interest : 145.79

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