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OpenStudy (anonymous):
Lawson opened a savings account 24 years ago with a deposit of $4,169.06. The account has an interest rate of 4.3% compounded quarterly. How much interest has Lawson earned?
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OpenStudy (anonymous):
some know this one ;)
jimthompson5910 (jim_thompson5910):
Use the formula A = P(1+r/n)^(nt) to find out how much will be in the account after 24 years
jimthompson5910 (jim_thompson5910):
in this case, P = 4169.06 r = 0.043 n = 4 t = 24
jimthompson5910 (jim_thompson5910):
once you find the value of A, subtract off the amount initially deposited to find out how much interest was earned
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