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3 years ago

Help me please okkkkkkkkkkkkkkkkkkkkkkkkkk

Mathematics

1 answer:

Step2247 [10]3 years ago

8 0

Answer:

The amount earned is $27,137.65

Interest earned is $17,137.65

Step-by-step explanation:

Here, we want to use the compound interest formula

We have this as follows;

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

A is the amount

P is the principal which is the amount deposited = $10,000

r is the interest rate = 4% = 4/100 = 0.04

n is the number of times the interest is compounded per year;

Since it is every month, the number of times in a year is 12

t is the number of years = 25

Substituting these values;

A = 10,000(1 + 0.04/12)^(25*12)

A = $27,137.65

The interest earned is the difference between this amount and the amount deposited which is;

27,137.65 - 10,000 = $17,137.65

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