Find the compound interest earned by the deposit. Round to the nearest cent.
-$\$ 110,000$ at $1.21 \%$ compounded quarterly for 5 years.
A) $\$ 29,914.00$
B) $\$ 6818.01$
C) $\$ 1673.85$
D) $\$ 6849.76$

Question

Quizplus · Accepted Answer

The compound interest can be calculated using the formula $ A = P \left(1 + \frac{r}{n}\right)^{nt} $. Here, $ P = 110,000 $, $ r = 0.0121 $, $ n = 4 $, and $ t = 5 $. The compound interest is $ A - P $, which rounds to $\$ 6849.76$.

Find the Compound Interest Earned by the Deposit $110,000\$ 110,000$110,000 At 1.21%1.21 \%1.21%

Find the Compound Interest Earned by the Deposit $\$ 110,000$ At $1.21 \%$