F$24,000 is invested in an account for 30 years. calculate the total interest earned at the end of 30 years if the interest is: (a) 7% simple interest: $ (b) 7% compounded annually: $ (c) 7% compounded quarterly: $ (d) 7% compounded monthly: $

Step-by-step explanation:

So,  you need to know the formula for simple and compound interest.  If you want an in depth explanation let me know, but for a quick one, the simple interest formula is P+Prt where P is the starting amount, r is the rate and t is the amount of times it is compounded.  In this instance it always uses the amount you originally put in to find interest.  Another way of writing it is P(1+rt)

Compound interest is a little more complicated.  The formula is P(1+(r/n))^(nt) where r is the rate again, n is the  number of times per year it is compounded and t is the number of years.  Again, if you want a more in depth explanation let me know.  Anyway we can now answer the question.

a) Simple interest is simple 24,000(1+.07*30) = $74,000

b) Compounded means we have to look for all the parts.  r is .07 t is 30 and n is 1  24,000(1+(.07/1))^(1*30) = $182,694.12

c) r = .07 n = 4 t = 30 so 24,000(1+(.07/4))^(4*30) = 192,460.40

d) r = .07 n = 12 t = 30 so 24,000(1+(.07/12))^(12*30) = 194,795.94

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step-by-step explanation: g=6

step-by-step explanation: