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Sagot :
The interest earned is the difference between the initial amount that was deposited in the bank and the amount that is in the account after six years.
[tex]\begin{gathered} A\text{ = 12000\lparen1+}\frac{2.1\%}{12})^{6*12} \\ This\text{ is from the compound interest formula.} \\ A\text{ = 13609.89} \end{gathered}[/tex]Amount in the account: $13609.89
The interest earned is therefore: 13609.89 - 12000 = $1609.89
[tex]\begin{gathered} 20000\text{ = P\lparen1+}\frac{2.1\%}{12})^6*12 \\ 17634.24\text{ = P} \end{gathered}[/tex]To earn $20000 in six years he should invest $17634.24.
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