You
brett deposited $3,200 into a savings account for which interest is compounded quarterly at a rate of 2. 4%.
how much interest will he earn after 15 years?
a) $300.42
b) $768.14
c) $1367.19
d) $1381.72

D) $1381.72

Step-by-step explanation:

We have been given that Brett deposited $3,200 into a savings account for which interest is compounded quarterly at a rate of 2. 4%. We are asked to find the amount of interest Brett will earn after 12 years.

We will use compound interest formula to solve our given problem.

, where,

A = Final amount after T years,

P = Principal amount,

r = Annual interest rate in decimal form,

n = Number of times interest is compounded per year,

T =Time in years.

Let us convert the given interest rate in decimal form.

Upon substituting our given values in above formula we will get,

Now we will subtract $3200 from $4581.72 to find the amount of interest.

Therefore, Brett will earn $1381.72 in interest after 15 years and option D is the correct choice.

c.

step-by-step explanation:

false

step-by-step explanation: