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.)
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.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![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.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F58b093e7-c2d8-453e-b1b2-8245010c2a7d%2F5c9bac80-ecfa-477d-96d8-891298f92782%2F62nxnkn_processed.jpeg&w=3840&q=75)
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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