Question

is im1b unit 5 assignment 04

1. $10000 is invested at 4% per year, compounded annually. the table below tracks the growth of the principal over three years.

1e what value should go in cell e?
e = 432.64 dollars
5 nice work!
1f what is the total interest earned over the three years?
total interest earned = 1248.68 dollars
total interest earned = enter your next step here dollars

Explanation:

Step1: Find final amount after 3 years

First, use the compound interest formula $A = P(1 + r)^t$, where $P = 10000$, $r = 0.04$, $t = 3$.
$A = 10000(1 + 0.04)^3 = 10000(1.04)^3 = 11248.68$

Step2: Calculate total interest earned

Subtract principal from final amount: $\text{Total Interest} = A - P$
$\text{Total Interest} = 11248.68 - 10000$

Answer:

1248.68 dollars