Question
When Bruce was born, his grandparents started a savings account for him with a beginning balance of $350. Every month they deposited $45 into the
When Bruce was born, his grandparents started a savings account for him with a beginning balance of $350. Every month they deposited $45 into the account. The savings account paid an annual interest rate of 2.7%, compounded monthly.
Bruce just turned 19 and the balance of his account is now $13,970.91.
How much of the money in Bruce's account was earned in interest?
(Round your answer to the nearest cent.)
?
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Personal Finance
Authors: Jeff Madura, Hardeep Singh Gill
3rd Canadian Edition
978-0133035575, 133035573, 978-0133970524, 133970523, 978-0134040042
