Total earning of Thomas after 5 years is $92077.45
Explanation:
Given:
Principal, P = $17000
Rate of Interest, r = 4%
Time, t = 5 years
Interest, I = ?
We know,
Earning in 1st year = $17,000
Earning in second year = [tex]17000 + \frac{4}{100} X 17000[/tex]
= $17680
Earning in 3rd year = [tex]17680 + \frac{4}{100} X 17680[/tex]
= $18387.2
Earning in 4th year = [tex]18387.2 + \frac{4}{100} X 18387.2[/tex]
= $19122.69
Earning in 5th year = [tex]19122.688 + \frac{4}{100} X 19122.688\\[/tex]
= $19887.56
Thus,
Total earning = $17,000 + $17680 + $18387.2 + $19122.69 + $19887.56
= $92077.45
Therefore, total earning of Thomas after 5 years is $92077.45
