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Perry has 6,552 in an account. The interest rate is 14.3% compounded annually.To the nearest cent, how much interest will he earn in 4 years?

Solution

Perry has 6, 552 in an account. The interest rate is 14.3% compounded annually.To the nearest cent, how much interest will he earn in 4 years?

Solution

Interest : 4631.01

Solution steps

Translate the problem into an equation:

11183.01249 \dots = 6552 + I

Solve for

I, 11183.01249 \dots = 6552 + I : I = 4631.01

Interest : 4631.01

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