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khushboogarg3877
15.12.2020 •
Mathematics
Lucas opened a savings account 20 years ago with a deposit of $3,815.24. The account has an interest rate of 3.3% compounded
quarterly. How much interest has Lucas earned?
a. $3,488.21
b. $3,546.50
c. $3,815.24
d. $3,941.14
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Ответ:
Interest earned = $3546.50
Option B is correct option.
Step-by-step explanation:
Time t = 20 years
Principal Amount P =$3815.24
Interest r = 3.3% or 0.033
Compounded quarterly n = 4
We need to find How much interest has Lucas earned?
First we need to find the future value in the account after 20 years
The formula used to find future value A is:![A=P(1+\frac{r}{n})^{nt}](/tpl/images/0984/9380/91623.png)
Putting values of t, r , n and P to find A i.e future value
Now finding interest amount by subtracting the initial deposit from the future value
Interest earned = Future Value (A)- Initial Deposit (P)
Interest earned = 7,361.74 - 3815.24
Interest earned = 3546.50
So, Lucas have earned interest = $3546.50
Option B is correct option.
Ответ:
1st-3rd-2nd-4th-1st
Step-by-step explanation: