QUESTION IMAGE
Question
the principal represents an amount of money deposited in a savings account subject to compound interest at the given rate.
| principal | rate | compounded | time |
|---|
a. find how much money there will be in the account after the given number of years.
b. find the interest earned
click the icon to view some finance formulas.
a. the amount of money in the account after 4 years is $12380.60
(round to the nearest hundredth as needed.)
b. the amount of interest earned is $\square
(round to the nearest hundredth as needed.)
Step1: Recall Interest Formula
Interest earned = Amount - Principal.
Step2: Identify Values
Amount = $12380.60, Principal = $11,000.
Step3: Calculate Interest
Interest = 12380.60 - 11000 = 1380.60.
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1380.60