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how much must be deposited at the beginning of each year in an account that pays 7%, compounded annually, so that the account will contain $28,000 at the end of 4 years? (round your answer to the nearest cent.)

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The total compound interest is $14,562.96.The final balance is $42,562.96.Compound interest, also known as interest on principal and interest, is the practice of adding interest to the principal amount of a loan or deposit.P is the principal, I is the annual interest rate, and n is the quantity of periods.

How can calculate compound interest ?

P is the principal, I is the annual interest rate, and n is the quantity of periods. The compound interest formula is ((P*(1+i)n)-P).

((P*(1+i)n)-P) =

(28000*(1+7) ^4)-28000

The final balance is $42,562.96.

The total compound interest is $14,562.96.

Compound interest, also known as interest on principal and interest, is the practice of adding interest to the principal amount of a loan or deposit.

The interest you earn on interest is known as compound interest. Simple math may be used to demonstrate this: if you have $100 and it generates 5% interest annually, you will have $105 at the end of the first year. You will wind up with $110.25 at the conclusion of the second year.

To learn more about compound interest refer to:

https://brainly.com/question/12325365

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