Stans savings account has a balance of $1986 after 23 years, what will the amount of interest be at 4% compound annually

$1,178.69

Step-by-step explanation:

To find the amount of interest, you can use the present value formula to calculate the initial amount Stan had 23 years ago and then, subtract this amount from the balance he has today:

P= F/((1+i)^n)

P= present value

F= future value= 1986

i= interest rate= 4%

n= number of time periods= 23

P= 1,986/((1+0.04)^23)

P= 1,986/2.46

P= 807.31

$1,986-$807.31= $1,178.69

step-by-step explanation: noo

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