Manuel opened a savings account and deposited 100.00 as principal. The account earns 7% interest, compounded quarterly. How much interest will he earn after 2 years?

Solución

Solución

Interest : 14.89

Pasos de solución

Translate the problem into an equation:

114.88817 \dots = 100 + I

Resolver para

I, 114.88817 \dots = 100 + I : I = 14.89

Interest : 14.89

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