A bank offers an investment account with an annual interest rate of 1.17% compounded monthly. Bob invests 3500 into the account for years.Answer the questions below. Do not round any intermediate computations, and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas. How much interest is earned on Bob's investment after 2 years

해법

A bank o ff ers an in v es t m e n t a cco u n t w i t h an ann u a l in t eres t r a t e o f 1.17% co m p o u n d e d m o n t h l y . B o b in v es t s 3500 in t o t h e a cco u n t f or ye a rs . A n s w er t h e q u es t i o n s b e l o w . Do n o t ro u n d an y in t er m e d ia t e co m p u t a t i o n s, an d ro u n d yo u r f ina l an s w ers t o t h e n e a res t ce n t . I f n ecess a ry, re f er t o t h e l i s t o f f inan c ia l f or m u l a s . Ho w m u c h in t eres t i s e a r n e d o n B o b^{'} s in v es t m e n t a f t er 2 ye a rs

Amount : 3582.82

솔루션 단계

Translate the problem into an equation:

A = 3500 (1 + \frac{0.0117}{12})^{12 \cdot 2}

3500 (1 + \frac{0.0117}{12})^{12 \cdot 2} = 3582.82490 \dots

가장 가까운 hundredth 으로 반올림:

3582.82

Amount : 3582.82