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Chase deposits $6,467.40 into a savings account that pays a simple annual interestrate of 4.13%. How much interest will he earn after 9 years? Round answer to thehundredths place.

Answer :

Given:-

Chase deposits $6,467.40 into a savings account that pays a simple annual interest rate of 4.13%.

To find the interest after 9 years.

So now we use the formula,

[tex]A=p(1+rt)[/tex]

Now we substitute the required value. so we get,

[tex]\begin{gathered} A=6467.40(1+\frac{4.13}{100}\times9) \\ A=6467.40(1+0.0412\times9) \\ A=6467.40(1.3708) \\ A=8865.511 \end{gathered}[/tex]

So the interst earned is,

[tex]8865.511-6467.40=2398.111[/tex]

So the required interest after rounding is 2398.11

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