## Basic College Mathematics (9th Edition)

Published by Pearson

# Chapter 6 - Percent - Test - Page 473: 25

#### Answer

The total amount after 4 years is 10,667.91 dollars. The interest earned is 1667.91 dollars.

#### Work Step by Step

Using the compound interest table, the compound amount on 6% for 2 years is 1.1236. After 2 years the savings balance is $4000\times1.1236=4494.40$ The 2nd depsosit brings the balance to $5000+4494.40=9494.40$. After 2 additional years the balance is $9494.40\times1.1236=10,667.91$ The interest earned is the ending balance minus the principal deposits. $10,667.91-4000-5000=1667.91$

After you claim an answer you’ll have 24 hours to send in a draft. An editor will review the submission and either publish your submission or provide feedback.