If you invested 3,000 in an account with an interest rate of 6.7% compounded weekly for 3 years, how much interest would you have earned on your money?

Solution

If you invested 3, 000 in an account with an interest rate of 6.7% compounded weekly for 3 years, how much interest would you have earned on your money?

Solution

Interest : 667.4

Solution steps

Translate the problem into an equation:

3667.39979 \dots = 3000 + I

Solve for

I, 3667.39979 \dots = 3000 + I : I = 667.4

Interest : 667.4

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