Erica’s parents gave her $500 for her high school graduation. She put the money into a savings account that earned 7.5% annual interest. She

Question

Erica’s parents gave her $500 for her high school graduation. She put the money into a savings account that earned 7.5% annual interest. She left the money in the account for two years before she withdrew it. How much interest did the account earn?

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Arya 3 weeks 2021-09-22T01:52:16+00:00 1 Answer 0

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    2021-09-22T01:53:24+00:00

    Answer:

    $28.84

    Step-by-step explanation:

    In this question, Erica’s money saved with a 7.5% annual/yearly interest. The interest paid monthly, so it compounded monthly. If the deposit is $500 at the start, then the number of money after 9 months will be:

    final money= initial money x (100% + annual rates/12)^duration

    The interest will be:

    final money= initial money + interest

    interest= final money – initial money

    interest= $528.84- $500= $28.84

    Read more on Brainly.com – https://brainly.com/question/13789484#readmore

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