Question

Isabella is calculating the interest earned on a deposit of $3,000 in an account that earns 4% compound interest after 6 years.​

Answer 1

given:

$3,000 in an account that earns 4% compound interest after 6 years.

solution:

$p = 3000$

$r = 4$

$t = 6years$

$interest = \frac{prt}{100}$

$= \frac{3000 \times 6 \times 4}{100}$

$= 720$

therefore, $720 is the current amount of interest.