Final answer:
The future value and interest earned can be calculated using the formula for compound interest: Future Value = Principal × (1 + interest rate)time. To find the interest earned, we subtract the initial principal from the future value.
Step-by-step explanation:
The future value and interest earned can be calculated using the formula for compound interest:
Future Value = Principal × (1 + interest rate)time
To find the interest earned, we subtract the initial principal from the future value. For example, if $100 is invested for 3 years at an interest rate of 5%, the future value would be $115. The interest earned would be $115 - $100 = $15.