Barry Newman's savings account has a balance of $4088. After 25 years, what will the amount of interest be at 6% compounded annually?

A) $13,462.16

B) $13,448.16

C) $2452.80

D) $13,457.16

The answer is 13, 457 .16$

Amount after 25 yrs = P (1+r%)^n

=4088 (1+0.06)^25

= 17545.16

So Interest = Amount after 25 yrs - P

= 17545.16 - 4088

= 13, 457 .16$

Please let me know if you have any other questions and best me if you are satisfactory.

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