Respuesta :
SOLUTION
Given
[tex]\begin{gathered} \text{ Principal,P=\$93 400} \\ \text{Rate, R=7\%} \\ \text{Time =3years } \end{gathered}[/tex]Required: We want to find the interest after,
We need to find the Amount after,
[tex]\begin{gathered} A=P(1+\frac{r}{n})^{nt} \\ \text{Where } \\ n=\text{ number of time compounded=1} \\ r=\frac{7}{100}=0.07 \end{gathered}[/tex]Hence
[tex]\begin{gathered} A=93\text{ 400(1+}0.07)^{1\times3} \\ \text{Then} \\ A=93400(1.07)^3 \\ A=93400\times1.225043 \\ A=114419.0162 \end{gathered}[/tex]Then
[tex]A=P+I[/tex][tex]\begin{gathered} \text{The interest after 3 years will be } \\ I=A-P_{} \\ I=114419.0162-93\text{ 400} \\ \text{Then} \\ I=21019.0162 \\ I=21019.02 \end{gathered}[/tex]Therefore
The interest after the 3years will be $21019.02
