Final answer:
To compute the final balance and interest earned from Janet's monthly savings with an annual compound interest rate, we need the future value of an annuity formula, not available in the information provided.
Step-by-step explanation:
The final balance in Janet's fund after 31 years of saving $700 at the beginning of each month with an annual interest rate of 4.32% compounded annually is not directly calculable with the information provided. To determine the final amount, one must use the future value of an annuity formula, considering the monthly contributions and compound interest. However, with the provided formula for an initial lump sum investment, this cannot be applied to the situation where periodic deposits are made. Therefore, we would need more information or the appropriate formula to apply.
Similarly, the total amount of interest earned would be calculated by subtracting the total contributions from the final amount in the fund. Without the final balance, the exact interest cannot be calculated. The power of compound interest typically results in significant growth over long periods, as seen with lump sum investments, but periodic deposits require a distinct computation method.