Suppose that you invest $3,000 at 6% interest, compound quarterly, for 5 years. use Table 11-1 to calculate the compound interest (in $) on your investment.

YearYear InterestTotal InterestBalance

1$184.09$184.09$3,184.09

2$195.39$379.48$3,379.48

3$207.38$586.85$3,586.85

4$220.10$806.96$3,806.96

5$233.61$1,040.57 $4,040.57

Step-by-step explanation:

Base amount: $3,000.00

Interest Rate: 6% (yearly)

Effective Annual Rate: 6.14%

Calculation period: 5 years

it's equivalent, so we can say that its equal.

let's call the denominator x and the numerador is 18 less then denominator, x - 18.

multiply

2.x = 5.(x - 18)

2x = 5x - 90

90 = 5x - 2x

90 = 3x

x = 90/3

x = 30

so: