Final answer:
Arturo's parents would have invested about $7,532.94 after 10 years and would have earned about $2,532.94 in interest. Between 10 years and 20 years, the account would earn more interest.
Step-by-step explanation:
To calculate the amount of money Arturo's parents invested after 10 years, we can use the compound interest formula:
A = P(1+r/n)^(nt)
Where A is the final amount, P is the principal amount (initial deposit), r is the interest rate, n is the number of times interest is compounded per year, and t is the number of years.
In this case, the principal amount is $50, the interest rate is 5.75%, interest is compounded monthly, and the number of years is 10:
A = 50(1+0.0575/12)^(12x10) = $7,532.94
The interest earned after 10 years can be calculated by subtracting the principal amount from the final amount:
Interest = $7,532.94 - $50(10x12) = $2,532.94
Between 10 years and 20 years, the account would earn more interest because the interest would compound on a larger principal amount.
The exact amount of additional interest earned would depend on the monthly deposits made by Arturo's parents during this period.