Answer:
Explanation:
We would apply the formula for determining compound interest which is expressed as
A = P(1+r/n)^nt
Where
A = total amount in the account at the end of t years
r represents the interest rate.
n represents the periodic interval at which it was compounded.
P represents the principal or initial amount deposited
From the information given,
P = 30000
r = 6% = 6/100 = 0.06
n = 4 because it was compounded 4 times in a year.
t = 10 years
Therefore,.
A = 30000(1 + 0.06/4)^4 × 10
A = 30000(1 + 0.015)^40
A = 30000(1.015)^40
A = $54421
The amount of interest earned after 10 years is
54421 - 30000 = $24421