Brain deposited 9000 into a savings account for which interest is compounded monthly at a rate of 2.36%. How much interest will he earn after 11 years?

214.71

416.03

2336.40

2664.73

Hi there

First find the future value using the formula of compound interest

The formula is

A=p (1+r/k) ^kt

A future value?

P present value 9000

R interest rate 0.0236

k compounded monthly 12

T time 11 years

A=9,000 * (1+0.0236:12) ^ (12*11)

A=11,664.73

Now find the interest earned

I=A-p

I interest earned?

A future value 11664.73

P present value 9000

So

I=11,664.73-9,000

I=2,664.73

Good luck!