I need solution and answer

1. scott invested $1600 into a retirement account that earns 2.4% interest compounded monthly. what will be the balance of the account after 30 years?

2. kaylee used her graduation money to set up a savings account that earns 3.4% interest compounded weekly. if the original amount deposited was $500 how much interest will she have earned after 10 years?

3. mr and mrs rainer took out a $240,000 loan to purchase their home. if the interest rate on the loan is 1.2% compounded bimonthly , how much interest will they have paid after 30 years?

Using compound interest, it i found that:

1. The balance will be of $3,284.74.

2. She will have earned $202.4 in interest after 10 years.

3. They will have paid $103,968 in interest after 30 years.

Compound interest:

Item 1:

The balance is:

The balance will be of $3,284.74.

Item 2:

The balance is:

Interest is balance subtracted by principal, hence, she will have earned $202.4 in interest after 10 years.

Item 3:

The balance is:

Interest is balance subtracted by principal, hence:

343968 - 240000 = 103,968

They will have paid $103,968 in interest after 30 years.

A similar problem is given at link

Step-by-step explanation:

1. A = P (1 + r/n)^(nt)

A = 1600 (1 + 0.024/12)^(12×30)

A = 3284.73

2. A = P (1 + r/n)^(nt)

A = 500 (1 + 0.034/52)^(52×10)

A = 702.40

3. A = P (1 + r/n)^(nt)

A = 240,000 (1 + 0.012/6)^(6×30)

A = 343,875.41

A − P = 103,875.41