Answered: A principal amount of $14,390 is placed…

A principal amount of $14,390 is placed in a savings account with an annual interest rate of 3.13% compounded monthly. How much interest does the account earn after 21 years?

Holt Mcdougal Larson Pre-algebra: Student Edition 2012

1st Edition

ISBN:9780547587776

Author:HOLT MCDOUGAL

Publisher:HOLT MCDOUGAL

Chapter2: Solving Equations

Section2.6: Solving Equations Using Multiplication Or Division

Problem 47E

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Question

A principal amount of $14,390 is placed in a savings account with an annual interest rate of 3.13% compounded monthly. How much interest does the account earn after 21 years?