Kennedy won 3,000 from a radio contest.If she puts this money in a bank account that earns s 2.9% interest compounded quarterly, how much interest will she earn in 10 years? 2.9% 915.59 Rome 933.28 Sydney 1,005.09Paris 979.81Dublin

To solve this problem, we need to use the formula for compound interest:<br /><br />A = P(1 + r/n)^(nt)<br /><br />Where:<br />- A is the final amount (including principal and interest)<br />- P is the principal amount (initial deposit)<br />- r is the annual interest rate (in decimal form)<br />- n is the number of times interest is compounded per year<br />- t is the time in years<br /><br />Given information:<br />- Principal amount (P) = $3,000<br />- Annual interest rate (r) = 2.9% = 0.029<br />- Compounded quarterly (n) = 4<br />- Time (t) = 10 years<br /><br />Plugging in the values, we get:<br /><br />A = 3000(1 + 0.029/4)^(4 × 10)<br />A = 3000(1 + 0.00725)^40<br />A = 3000(1.00725)^40<br />A = 3000 × 1.319006<br />A = $3,957.02<br /><br />The interest earned in 10 years is the final amount minus the principal amount:<br /><br />Interest = A - P<br />Interest = $3,957.02 - $3,000<br />Interest = $957.02<br /><br />Therefore, Kennedy will earn $957.02 in interest over 10 years.