Answer:
The final balance is $78,243.04.
<u>The total compound interest is $20,243.04.</u>
Step-by-step explanation:
<u>Year Principal Yearly Interest Total Interest Total Balance</u>
0 58,000 0 0 58,000
1 58,000 2,967.39 2,967.39 60,967.39
2 58,000 3,119.21 6,086.6 64,086.6
3 58,000 3,278.79 9,365.4 67,365.4
4 58,000 3,446.54 12,811.94 70,811.94
5 58,000 3,622.88 16,434.82 74,434.82
6 58,000 3,808.23 20,243.04 78,243.04
