Use the compound interest formula to compute the total amount accumulated and the interest earned. $5000 for 4 years at 3.8% compounded monthly. The total amount accumulated after 4 years is $◻. (Round to the nearest cent as needed.) The amount of interest earned is $◻. (Round to the nearest cent as needed.)

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Use the compound interest formula to compute the total amount accumulated and the interest earned.  $5000 for 4 years at 3.8% compounded monthly. The total amount accumulated after 4 years is $◻. (Round to the nearest cent as needed.) The amount of interest earned is $◻. (Round to the nearest cent as needed.)

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Question Prompt: Question_prompt: Calculate the total amount accumulated and the interest earned for $5000 invested for 4 years at 3.8% compounded monthly.Compound Interest Formula: Use the compound interest formula A = P(1 + r/n)^(nt), where A is the amount of money accumulated after n years, including interest, P is the principal amount (the initial amount of money), r is the annual interest rate (decimal), n is the number of times that interest is compounded per year, and t is the time the money is invested for in years.Plug in Values: Plug in the values: P = $5000, r = 3.8/100 = 0.038, n = 12 (since interest is compounded monthly), and t = 4.Calculate Amount Accumulated: Calculate the amount accumulated: A = 5000(1 + 0.038/12)^(12*4).Division Calculation: Do the division inside the parentheses: 0.038/12 = 0.0031667 (rounded to 7 decimal places).Calculate Exponent: Calculate the exponent: 12*4 = 48.Calculate Inside Parentheses: Calculate the amount inside the parentheses: 1 + 0.0031667 = 1.0031667.Calculate Exponential Value: Raise 1.0031667 to the 48th power: (1.0031667)^48 ≈ 1.160314 (rounded to 6 decimal places).Multiply by Principal: Multiply this result by the principal amount: 5000 * 1.160314 ≈ $5801.57 (rounded to the nearest cent).Calculate Interest Earned: Subtract the principal from the total amount to find the interest earned: $5801.57 - $5000 = $801.57.

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