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Brian deposited $9000 into a savings account for which interest is compounded monthly at a rate of 2.36%. how much interest will he earn after 11 years?

Respuesta :

The interest that should be earned is 2,664.73

Calculation of the interest:

But before that first determine the future value

We know that

Future value =Present value (1+rate of interest/Compounded monthly)^(Compounded monthly*time)

So, the future value is

= $9,000×(1+0.0236÷12)^(12×11)

= $11,664.73

Now the interest earned is

= Future value - present value

= $11,664.73 - $9,000

= $2,664.73

Hence, The interest that should be earned is 2,664.73

Learn more about interest here: https://brainly.com/question/24584065

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