Use the compound interest formula to compute the total amount accumulated and the interest earned $4500 for 3 years at 5% compounded quarterly the total amount accumulated after 3 years is $5223.40 (round to the nearest cent as needed.) the amount of interest earned is $ (round to the nearest cent as needed.)

The total amount accumulated after 3 years is $5223.40

The amount of interest earned is $723.40

Step-by-step explanation:

The formula to find the compound amount if compounded quarterly is given by :-

, where P is the present value , r is the rate of interest ( in decimal) and t is time period ( in years).

Given : P= $4500  ; t= 3 years ; r= 5%=0.05

Then, the total amount accumulated will be :-

Thus, the total amount accumulated= $5223.40

The amount of interest earned = A-P=$5223.40 -$4500 =$723.40

Hence, the amount of interest earned = $723.40

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step-by-step explanation: