When Gerardo was born, his grandparents started a savings account for him with a beginning balance of 1,250 Peruvian Sols. Every month they deposited 160 Sols into the account. The savings account paid an annual interest rate of 2.1%, compounded monthly. Gerardo just turned 24 and the balance of his account is now $61,917.43. How much of the money in Gerardo's account was earned in interest?
When Gerardo was born, his grandparents started a savings account for him with a beginning balance of 1,250 Peruvian Sols. Every month they deposited 160 Sols into the account. The savings account paid an annual interest rate of 2.1%, compounded monthly. Gerardo just turned 24 and the balance of his account is now $61,917.43. How much of the money in Gerardo's account was earned in interest?
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:When Gerardo was born, his grandparents
started a savings account for him with a
beginning balance of 1,250 Peruvian Sols. Every
month they deposited 160 Sols into the account.
The savings account paid an annual interest rate
of 2.1%, compounded monthly.
Gerardo just turned 24 and the balance of his
account is now $61,917.43.
How much of the money in Gerardo's account
was earned in interest?
(Round your answer to two decimal places, and
don't include a currency sign.)
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