use the image above as a guide to answer the following problem: The Hendersons are saving up to go on a family vacation in 5 years. They invest $3100 into an account with an annual interest rate of 1.51% compounded annually.Answer the questions below. Do not round any intermediate computations, and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas.(a) Assuming no withdrawals are made, how much money is in the Hendersons' account after 5 years? (b) How much interest is earned on the Hendersons' investment after 5 years?

Karen received a $ 1900 bonus. She decided to invest it in a 3-year certificate of deposit (CD) with an annual interest rate of 1.36% compounded monthly. Answer the questions below. Do not round any intermediate computations, and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas. (a) Assuming no withdrawals are made, how much money is in Karen's account after 3 years? (b) How much interest is earned on Karen's investment after 3 years? EXPLANATION (a ) Finding the amount of money in Karen's account after 3 years The amount of money in Karen's account is given by the compound interest formula. Compound Interest Formula A = P(1+ ! ) Here 4 is the future amount in the account, I is the principal (the amount invested ), 7 is the annual interest rate, / is the number of times a year the interest is compounded, and f is the term of the investment in years. We have the following for this problem. P =$1900 7 =1.36% =0.0136 m = 12 ?More 1 =3 years Using these values and the ALEKS calculator, we get the following. A = 1900 1 + 0.0136 \\ 12(3) 12 = 1979.077 ... Rounded to the nearest cent, there is $1979.08 in Karen's account after 3 years. (b) Finding the interest earned The interest earned is the difference between the future amount and the principal (the amount invested). 1979.08 -1900 = 79.08 So $79.08 interest is earned after 3 years. ANSWER Assuming no withdrawals are made, how much money is in Karen's account after 3 years? $1979.08 (b) How much interest is earned on Karen's investment after 3 years? $79.02