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Gabby opened a savings account and deposited 500.00 as principal. The account earns 3% interest, compounded quarterly. How much interest will she earn after 7 years? write three decimals

Solution

Solution

Interest : 116.36

Solution steps

Translate the problem into an equation:

616.35587 \dots = 500 + I

Solve for

I, 616.35587 \dots = 500 + I : I = 116.36

Interest : 116.36

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