The Amount of interest earned should be $130.56 and total value of the account should be $980.56.
What information do we have:
Future value = [tex]P (1+r)^{t}[/tex]
By putting the value, we get
FV = [tex]850 (1+0.029)^{5}[/tex]
= $850 [tex]\times[/tex] [tex]1.029^{5}[/tex]
= $850 [tex]\times[/tex] 1.1536
= $980.56
Total value of account after 5 years = $980.56
Now, amount of interest = $980.56 - $850
= $130.56
Hence, The Amount of interest earned should be $130.56 and total value of the account should be $980.56.
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