tamika opened a money market account that has a 4.25% annual interest rate, compounded annually. She deposits $1750 into the account each ye

Question

tamika opened a money market account that has a 4.25% annual interest rate, compounded annually. She deposits $1750 into the account each year. How much interest will the account earn after 15 years?

0

Answers ( No )

    0
    2021-09-11T05:41:18+00:00

    The account should gain $11,156.25 after 6 years.

    Take $1,750 and times it by the interest rate, .425%. You’ll get $743.75 as an answer, then times that by 15 (years) and you’ll get your final answer, which is $11,156.25. Hope that helps! 🙂

Leave an answer

Browse
Browse