Answer :
Given:
a.) Nguyen deposited $35 in a bank account.
b.) It earns 14% interest.
To be able to determine how much interest will he earn in 72 months, the following formula will be used for Compound Interest:
[tex]\text{ Interest Earned = P(1 + }\frac{\frac{r}{100}}{n})^{nt}\text{ - P}[/tex]Where,
P = Principal amount
r = Interest rate
n = No. of times the interest is compounded = annually = 1
t = Time in years = 72 months = 72/12 = 6 Years
We get,
[tex]\text{ Intereset Earned = (35)(1 + }\frac{\frac{14}{100}}{1})^{(1)(6)}\text{ - 35}[/tex][tex]\text{ = (35)(1 + }0.14)^6\text{ - 35}[/tex][tex]\text{ = (35)(}1.14)^6\text{ - 35}[/tex][tex]\text{ = (35)(}2.19497262394)^{}\text{ - 35}[/tex][tex]\text{ = 76.82404183776 - 35}[/tex][tex]\text{ = 41.82404183776 }\approx\text{ 41.82}[/tex][tex]\text{ Interest Earned = \$41.82}[/tex]Therefore, the interest he will be earning is $41.82
