Ethan invests $3000 in a mutual fund that earns 6% interest per year compounded monthly. After 10 years, the investment is worth $5,458.19.

Question

Ethan invests $3000 in a mutual fund that earns 6% interest per year compounded monthly. After 10 years, the investment is worth $5,458.19. How much interest did he earn?

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RuslanHeatt 6 months 2021-08-28T11:15:46+00:00 1 Answers 2 views 0

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    2021-08-28T11:17:20+00:00

    Answer:

    A = P(1 +\frac{r}{n} )^{nt}

    A = 3000(1 + .06/12)^120

    strange the question did not want you to calculate the amount

    that was given….

    the interest is 5,458.19 – 3000 = 2,458.19

    Step-by-step explanation:

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