Antuan deposited $2590 into a 3 year cd at an interest rate of 2.3% compounded quarterly.

how much interest did the account earn after the three years? show your work.

the interest rate is $183.89 =~ $ 184

Step-by-step explanation:

In this question, Antuan deposited $2590 into a 3 year CD (Certificate of Deposit)  at an interest rate of 2.3% compounded quarterly. We need to find the interest account earned after 3 years.

Formula used will be :

Where

P= Principal amount

r= interest rate (in decimals)

n= no of times the interest is compounded

t = no of years

Here we are subtracting P because we only need interest amount and not the future value.

Using this formula and finding the value will be:

P= $2590

r = 2.3 % or 0.023

n = 4

t = 3

So the interest rate is $183.89 =~ $ 184

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