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In order to calculate the compound amount and the amount of interest earned, we can use the formula below:
Where A is the compound amount after t years, P is the principal (initial amount) i is the interest rate and n is how many times the interest is compounded in a year.
So, for P = 71000, i = 0.0102, t = 4 and n = 4, we have:
Therefore the compound amount is $73952.87
The amount of interest is:
So the amount of interest earned is $2952.87.