Lizbeth deposited $6200 into a savings account for which interest is compounded monthly at a rate of 2.37%. How much interest will she earn after 8 years?
Mathematics
Gustaborn
Question
Lizbeth deposited $6200 into a savings account for which interest is compounded monthly at a rate of 2.37%. How much interest will she earn after 8 years?
1 Answer

1. User Answers rimelmourad
do 2.37/100 times $6200 but make sure you divide 100 by $6200 which is 62 times 2.37=146.94