Hanson opened a savings account and deposited 600.00 as principal. The account earns 15% interest, compounded monthly. How much interest will he earn after 6 years?

Solution

Solution

Interest : 867.55

Solution steps

Translate the problem into an equation:

1467.55216 \dots = 600 + I

Solve for

I, 1467.55216 \dots = 600 + I : I = 867.55

Interest : 867.55

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