# 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% con

Finding the answer key at this time is a breeze. clickanswer.us provides accurate questions and answers. We provide a clear answer key, which is accompanied by the discussion. We provide a range of answer keys that span from elementary, junior high and higher level schools. The subjects we offer include biology, math, physics, economics, history and others. Below are the questions and answer keys that have been summarized from different sources found from the web.

## 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

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

Use the answer key below as a reference for studying at home or at school. thank you for visiting and I hope that it is useful for all of us.