Ask Question
13 January, 11:42

Find the total amount of interest on a savings account if the principal is $9400 and the bank gives a rate of 6% compounded quarterly for the next 6 years.

+3
Answers (1)
  1. 13 January, 15:24
    0
    4037.3264$

    Step-by-step explanation:

    Total amount of money after 6 years:

    A = P x (1 + rate) ^time

    = 9400 x (1 + (6/100) / 4) ^ (6 x 4)

    = 13437.3264$

    => Total amount of interest after 6 years:

    I = A - P = 13437.3264 - 9400 = 4037.3264$
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Find the total amount of interest on a savings account if the principal is $9400 and the bank gives a rate of 6% compounded quarterly for ...” in 📘 Mathematics if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers