ReminisceE141950 ReminisceE141950

29-10-2022
Mathematics

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Find the interest earned given the following:Amount needed: $12,300 Time in years: 4Interest: 6%Compounded: Annually

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ZyairT449171 ZyairT449171

29-10-2022

[tex]A\text{ = }P(1+r)^t[/tex]

Replacing the information given on the formula:

[tex]12300=P(1+0.06)^4[/tex]

Solving for P:

[tex]P\text{ = }\frac{12300}{1.06^4}=9742.75[/tex]

Interest earned: 12300 - 9742.75 = 2557.25

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