Question

Awnser correctly please

Answer 1

Answer: the interest is $8137.8

Step-by-step explanation:

We would apply the formula for determining compound interest which is expressed as

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

Where

A = total amount in the account at the end of t years

r represents the interest rate.

n represents the periodic interval at which it was compounded.

P represents the principal or initial amount deposited

From the information given,

P = $62,604.18

r = 13% = 13/100 = 0.13

n = 1 because it was compounded once in a year.

t = 1 year

Therefore,.

A = 62604.18(1 + 0.13/1)^1 × 1

A = 62604.18(1.13)

A = $70742.7

Her interest would be

70742.7 - 62604.18

= $8137.8