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An investment of $9,875 earns 4.8% interest compounded monthly over 12 years. approximately how much interest is earned on the investment?

A$4,740
B$7,458
C$7,672
D$17,567

Verified Answer :

A = 9,875 (1 + 0.048/12)^ 12(12)

A = $ 15,547

The amount of interest earned on investment = $ 15,547 - $ 9,875
                                                                              = $ 7,672

Hope this helps

On E, the correct answer is C.


I just took the test :)

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