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

round your answer to the nearest cent

Answer 1

Amount = P(1+r/n)^nt

Interest Earned = Amount-Principal = P(1+r/n)^nt-P

Interest = P((1+r/n)^nt-1)

If P=4390, r = 0.1138, n=12 and t = 3, can you do the arithmetic?