Savanna Smiles invested $5,000 for one year in a CD that earns interest at a rate of 3.5% compounded monthly. What is the interest earned during the year? (Hint: Use the appropriate formulas and round at the end.)

1 answer
Question:

Savanna Smiles invested $5,000 for one year in a CD that earns interest at a rate of 3.5% compounded monthly. What is the interest earned during the year? (Hint: Use the appropriate formulas and round at the end.)

Answers

We are asked to solve for the interest during the year given that it is compounded monthly, we are given with the formula A = P(1+r)^n. The solution is shown below:A = P (1+r)^nA = $5,000 (1+ 3.5/12)^(12*1)A = $5,000 (1.000292)^12A = $5,177.84 

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