I BET NO ONE CAN SOLVE THIS !

Nick opened a savings account 11 years ago with a deposit of $3,772.59. The account has an interest rate of 5.8% compounded twice a year. How much interest has Nick earned?

Question

I BET NO ONE CAN SOLVE THIS !

Nick opened a savings account 11 years ago with a deposit of $3,772.59. The account has an interest rate of 5.8% compounded twice a year. How much interest has Nick earned?

anonymous · Answer

savings account with 5.8 interest twice a year?

dang i need to switch to his bank

anonymous · Answer

A=3,772.59(1+0.058/2)^(2*11) <--- what I did
A=3,772.59(1.029)^(22)
A=3,772.59(1.8756)
A=7,075.869804 and its not right ..  what am I doing wrong ?

anonymous · Answer

http://www.thecalculatorsite.com/finance/calculators/compoundinterestcalculator.php