9514 1404 393
Answer:
$10,308.92 interest earned
Step-by-step explanation:
The account balance is given by ...
A = P(1 +r/12)^n
where principal P earns interest at annual rate r compounded monthly for n months. In this case, the balance would be ...
A = $35,000(1 +0.0972/12)^32 = $45,308.92
The interest earned is the excess of the balance over the original investment:
interest = $45,308.92 -35,000 = $10,308.92
