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Question:
11. Whitney opened a savings account 25 years ago with a deposit of $4,280.83. The account has an interest rate of 5.4% conWhitney earned? (2 points)
$11.661.19
$4,511.99
$16,219.97
$11,939.14
Answer:
Answer:
Interest Whitney has earned is $11,939.14
Step-by-step explanation:
First find Future value ; FV= PV(1+r)^n
PV = amount deposited in present value terms = 4,280.83
r= interest rate compounded twice/yr = 5.4% /2 = 2.7% or 0.027 as a decimal
n= total duration = 25*2 = 50
FV = 4,280.83 (1+0.027)^50
FV =4,280.83 * 3.78897884
FV= 16,219.97
To find the total amount of interest earned= FV – initial deposit
Interest = 16,219.97 – 4,280.83 = $11,939.14
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