Answer:
In 25 years I will have $ 27,137.65. Therefore, I will earn $17,137.65 interest.
Step-by-step explanation:
Given that I deposit $ 10,000 in an account earning 4% interest compounded monthly, to determine how much will you have in the account in 25 years and how much interest will I earn, the following calculation must be performed:
10,000 x (1 + 0.04 / 12) ^ 25x12 = X
10,000 x (1 + 0.00333) ^ 300 = X
10,000 x 2.7137 = X
27,137.65 = X
Therefore, in 25 years I will have $ 27,137.65. Therefore, I will earn $17,137.65 interest.
