Question #e6d86

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Question #e6d86

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Answer 1 · 2017-06-13T18:49:42

Yes! but find the interest that was earned.
$$ 12461.84 - $ 8200 = $ 4, 261.84$ $$12461.84 -$8200 = $4,261.84$

Explanation:

Let's verify this by going through this problem step by step:

Recall:

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We identify and assign the proper variables:

$A =$ $A=$ Total Amount

$P = 8200$ $P = 8200$

$r = 0.028 \leftarrow$ $r=0.028" "larr$ (same as $2.8 %$ $2.8%$ )

$n = 4$ $n=4$

$t = 15$ $t=15$

Our equation is thus:

$A = 8200 {(1 + \frac{0.028}{4})}^{15 \cdot 4}$ $A=8200(1+0.028/4)^(15*4)$

Evaluating this we'll get an answer of $\approx 12461.84$ $~~12461.84$ for the toal amount.
The interest earned is therefore: $$ 12461.84 - $ 8200 = $ 4, 261.84$ $$12461.84 -$8200 = $4,261.84$

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Question #e6d86

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