Question #e6d86

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Answer 1 · 2017-06-13T18:49:42

Yes! but find the interest that was earned.
#$12461.84 -$8200 = $4,261.84#

Let's verify this by going through this problem step by step:

Recall:

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We identify and assign the proper variables:

#A=# Total Amount

#P = 8200#

#r=0.028" "larr# (same as #2.8%#)

#n=4#

#t=15#

Our equation is thus:

#A=8200(1+0.028/4)^(15*4)#

Evaluating this we'll get an answer of #~~12461.84# for the toal amount.
The interest earned is therefore: #$12461.84 -$8200 = $4,261.84#