The summer after sophomore year, Haley nannied for a family and earned $2000. She

decided to save it all and deposit it into an account earning 5.8% interest compounded

monthly. When Haley finished college, 6 years later, she decided to use the money to put

deposit on a car. How much money did Haley have?

Question

Meadow Hanna

Mathematics

Today, 00:03

The summer after sophomore year, Haley nannied for a family and earned $2000. She

decided to save it all and deposit it into an account earning 5.8% interest compounded

monthly. When Haley finished college, 6 years later, she decided to use the money to put

deposit on a car. How much money did Haley have?

+5

Answers (1)

Know the Answer?

Rishi Eaton · Answer 1

You want to calculate the interest on $2000 at5.8% interest per month after six years?

Here is your formula: I = p*r*t

P is the principal amount which is $2000

R is the rate of interest which is 5.8% per month

T is the time involved whihc is six years

You're interest is 8352.00