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Chemistry Asked by a SnapAndSolve user · about 20 hours ago

Patrice deposited $10,000 with a bank in a 10-year certificate of deposit that earns 4% interest,...

24. Patrice deposited $10,000 with a bank in a 10-year certificate of deposit that earns 4% interest, compounded daily. Determine the interest earned if the compound interest factor is 1.49179200.
$14,917.92
$3,917.92
$4,917.92
$5,082.08

Answer

The compound interest factor is given as 1.49179200. To find the interest earned, multiply the principal by the compound interest factor and subtract the principal:

  1. Future Value = Principal × Compound Interest Factor = $10,000 × 1.49179200 = $14,917.92
  2. Interest Earned = Future Value - Principal = $14,917.92 - $10,000 = $4,917.92

The correct answer is $4,917.92.

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