Ask Question
30 March, 04:43

An investment of $6,599.20 earns 4.2% interest compounded monthly over 7 years. Approximately how much interest is earned on the investment?

+2
Answers (1)
  1. 30 March, 05:05
    0
    Fv=6599.20 (1+0.042/12) ^12*7

    Fv=8850.20

    Interest earned=8850.20-6599.20

    =2,251

    So the answer is a
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “An investment of $6,599.20 earns 4.2% interest compounded monthly over 7 years. Approximately how much interest is earned on the investment? ...” in 📗 Mathematics if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers