# Answer to Question #22296 in Other Math for Vanessa Wong

Question #22296

At the end of every quarter, Simon deposits $450 in an account that earns interest that is compounded quarterly. After 1.5 years, he will have $2874.48 in the account

How much total interest will have been earned?

Determine the annual rate of interest, compounded quarterly?

The answer is 174.48 and the annual rate of interest is 10% but how do u get it?

How much total interest will have been earned?

Determine the annual rate of interest, compounded quarterly?

The answer is 174.48 and the annual rate of interest is 10% but how do u get it?

Expert's answer

Find how much money would be on Simon's account without percents.

450 * 18 = 2700

2874,48-2700 = 174.48 - his income for all the time.

So his cupping percentage is - 174.48 / 18 * 100 = 10%

ANSWER 174.48; 10%

450 * 18 = 2700

2874,48-2700 = 174.48 - his income for all the time.

So his cupping percentage is - 174.48 / 18 * 100 = 10%

ANSWER 174.48; 10%

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