When Gerardo was born, his grandparentsstarted a savings account for him with abeginning balance of 1,250 Peruvian Sols. Everymonth they deposited 160 Sols into the account.The savings account paid an annual interest rateof 2.1%, compounded monthly.Gerardo just turned 24 and the balance of hisaccount is now $61,917.43.How much of the money in Gerardo's accountwas earned in interest?(Round your answer to two decimal places, anddon't include a currency sign.)

The objective of the question is to find out how much of the money in Gerardo's account was earned…

Answered: When Gerardo was born, his grandparents…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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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