I will give Brainiest to the quickest and best answer. Steps need to be explained very well.

$56,107 is deposited in a saving account at an interest rate of 5.5% compounded quarterly for 6 1/2 years. (Round to the nearest cent.)

a. What is the amount in the account after 6 1/2 years?

b. How much interest was earned in 6 1/2 years?

a) $80,023.88

b) $23,916.88

Step-by-step explanation:

a) The future value formula applies.

FV = P (1 + r/n) ^ (nt)

where P is the principal invested (56,107), r is the annual interest rate (.055), n is the number of times per year interest is compounded (4), and t is the number of years (6.5).

Filling in the values and doing the arithmetic, we get ...

FV = $56,107 * (1 +.055/4) ^ (4*6.5) = $56107*1.01375^26 ≈ $80,023.88

The amount in the account after 6 1/2 years is $80,023.88.

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b) The interest earned is the difference between the initial deposit and the account balance:

interest = $80,023.88 - 56,107.00 = $23,916.88

The interest earned is $23,916.88.