Interest earned = Principle x (1 + rate/100)^time - Principle
Interest earned = $13,000 x (1 + 3.5/100)^6 - $13,000
Interest earned = $13,000 x (1.035)^6 - $13,000
Interest earned = $13,000 x 1.2215 - $13,000
Interest earned = $15,880.50 - $13,000
Interest earned = $2,880.50
Malik will receive $2,880.50 in interest.
Use the problem below to answer the questions.
Malik invested $13,000 for 6 years at 3.5%. How much interest will he receive?
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Find the compound interest for the situation. Use the compound interest formula. Round answer to the nearest hundredth. Include appropriate unit in final answer. Use a calculator if needed.
Find the interest earned.
1 answer
1 answer