nolan opened a savings account and deposited 4,390.00 as principal. the account earns 11.38% interest, compounded monthly. How much interest will he earn after 3 years?

Question

nolan opened a savings account and deposited 4,390.00 as principal. the account earns 11.38% interest, compounded monthly. How much interest will he earn after 3 years?

Answer 1

A= 4390(1 + .1138/12)^12(3)

= $6166.43 after 3 years at 11.38% compounded monthly

interest earned = 6166.43 - 4390 = $1,776.43

= about $1776 total interest, a very patriotic amount for 4th of July