Mary has $6,000 saved for her college education. She invested that money at 2.3% interest per year. Suppose her account earned interest

Mary has $6,000 saved for her college education. She invested that money at 2.3% interest per year. Suppose her account earned interest compounded annually. How much interest would she earn in 3 years?

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  1. Interest= $423.59

    Step-by-step explanation:

    Giving the following information:

    Initial investment (PV)= $6,000

    Number of periods (n)= 3 years

    Interest rate (i)= 2.3% = 0.023

    To calculate the Future Value, we need to use the following formula:

    FV= PV*(1+i)^n

    FV= 6,000*(1.023^3)

    FV= $6,423.59

    Now, the interest earned:

    Interest= 6,423.59 - 6,000

    Interest= $423.59

  2. answer: 16

    step-by-step explanation: first you would add 6+6 which equals 12 then add 2+2 which equals 4. then add 12 + 4 which is 16.

    hope this ^_^

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