Lucas opened a savings account 20 years ago with a deposit of $3,815.24. The account has an interest rate of 3.3% compounded quarterly. How much interest has Lucas earned?
a. $3,488.21
b. $3,546.50
c. $3,815.24
d. $3,941.14

Interest earned = $3546.50

Option B is correct option.

Step-by-step explanation:

Time t = 20 years

Principal Amount P =$3815.24

Interest r = 3.3% or 0.033

Compounded quarterly n = 4

We need to find How much interest has Lucas earned?

First we need to find the future value in the account after 20 years

The formula used to find future value A is:

Putting values of t, r , n and P to find A i.e future value

Now finding interest amount by subtracting the initial deposit from the future value

Interest earned = Future Value (A)- Initial Deposit (P)

Interest earned = 7,361.74 - 3815.24

Interest earned = 3546.50

So, Lucas have earned interest = $3546.50

Option B is correct option.

72 fudge and 75 toffee

step-by-step explanation:

i hope this : )

rick has $1400 and sally has $1500

step-by-step explanation:

to find amount of money rick has after 10 years :

principal = $1000 , time = 10 years , rate = 4% annually

to find amount of money sally has after 10 years :

her friend gives to pay her $50 per year, therefore money she has after 10 years = 50 × 10 = $500

also, sally gets $1000 after 10 years,

therefore, total amount of money sally has after 10 years = 500 + 1000 = $1500

so, after 10 years : rick has $1400 and sally has $1500