find a future value of the given pricipal P and b the intere

find (a) future value of the given pricipal P and (b) the interest earned in the given period. a.) the future value of the principle after 12 years is b.) the interest earned in 12 years is $. P= 3300 at 4.5% compound annually for 12 years. Round to the nearest cetn

Solution

Dear Student Thank you for using Chegg !! Given Principal (P) = 3300 $ Rate Of Interest (\'r) = 4.5 % Time (n) = 12 years Amount = ? $ Amount (A) = P (1 + r/100)^n Substituting values A = 3300* (1 + 4.5/100)^12 A = 5596.408728 $ Amount = 5596.41 $ Interest Gained = A - P = 5596.41- 3300 = 2296.41 $ Solution