Wendy opened a savings account 15 years ago with a deposit of $2,340.73. The account has an interest rate of 4.7% compounded monthly. How much interest has Wendy earned?

Question

anonymous · Answer

@vzfreakz

anonymous · Answer

help please

anonymous · Answer

Compound interest formula 
A= P(1+r/n)^nt

anonymous · Answer

$2,321.05

 $2,390.03

 $2,450.74

 $4,730.76

anonymous · Answer

First thing first, what is the Principal Amount (P)? In this question.

anonymous · Answer

i dnt really knw am new to this

anonymous · Answer

It would be 2340.73

The number of the compounded per year (n) = 12. 

An r would represent 4.7

the t would represent 12

anonymous · Answer

Plug those numbers into the equation.

A= P(1+r/n)^nt

anonymous · Answer

$2,321.05

 $2,390.03

 $2,450.74

 $4,730.76

anonymous · Answer

its not none of them

anonymous · Answer

Because we're not done with it.

anonymous · Answer

So the new equation would be 2340.73 (1 + .047/12)^15*12

anonymous · Answer

Start solving that.

anonymous · Answer

29784.9950166

anonymous · Answer

@vzfreakz

anonymous · Answer

It would be 2340.73 (1.0039)^180

anonymous · Answer

2340.73 (2.0210)

anonymous · Answer

Solve that one and you got your answer ^

anonymous · Answer

thk you so much

anonymous · Answer

What would it be?