Francesca opened a savings account and deposited 600.00 as principal. The account earns 15% interest, compounded annually. How much interest will she earn after 4 years?

Solution

Solution

Interest : 449.4

Solution steps

Translate the problem into an equation:

1049.40375 = 600 + I

Solve for

I, 1049.40375 = 600 + I : I = 449.4

Interest : 449.4

Popular Examples

joseph and david are playing with cards and in a pack there are 52 cards joseph drew a card at random with a replacement then he ask david what is the probability of drawing a queen followed by a king Nancy earned some money doing odd jobs last summer and put it in a savings account that earns 14% interest compounded annually. After 10 years, there is 300.00 in the account. How much did Nancy earn doing odd jobs?Round your answer to the nearest cent.three less than half a number three less than twice a number Michael is tracking the entry fee for a certain exhibition. The entry fee when he first visited the exhibition was 45.35. He observed that the entry fee increases each year at a rate of 11%. Which function represents the entry fee charged after t years?