sitaralove1900
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Jake’s bank offers him an account with 3% interest, compounded
annually. How much interest would he earn from this account if he
deposits his $1,320 for 5 years?

Respuesta :

[tex]\bf \qquad \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+\frac{r}{n}\right)^{nt} \quad \begin{cases} A=\textit{compounded amount}\\ P=\textit{original amount deposited}\to &\$1320\\ r=rate\to 3\%\to \frac{3}{100}\to &0.03\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{annually, meaning once} \end{array}\to &1\\ t=years\to &5 \end{cases}[/tex]

he'll be earning in interest, the difference from A to P, or A - P

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