An employee put $4,000.00 in a retirement account that offers 6.2% interest compound annually. The employee makes no additional deposits or withdrawls. Which amount is closest to the interest the employee will have earned at the end of 10 years?

d

step-by-step explanation:

600,000,000,000, or 6e14

step-by-step explanation:

b is the correct answer

(a) {a₁, a₁r, a₁r², … a₁rⁿ⁻¹, …}

(b) $59 398

step-by-step explanation:

(a) the annual sequence of profits

aₙ = a₁rⁿ⁻¹

the model for the sequence of profits is {a₁, a₁r, a₁r², … a₁rⁿ⁻¹, …} .

(b) profit after 15 yr

  a₁ = $ 30 000

  r = 1.05

a₁₅ = 30 000 × 1.05¹⁴

a₁₅ = 30 000 × 1.979 93

a₁₅ = $59 398

the profit in year 15 will be $59 398.