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
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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.)

Explanation:

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.

Answer:

1380.60