How many dollars in interest are earned in two years on a deposit of $10,000 invested at 4.6% and compounded annually? Express your answer to the nearest cent.
FV=PV x [1 + R]^N
FV==10,000 x [1 + 0.046]^2
FV==10,000 x [1.046]^2
FV==10,000 x 1.094116
FV==$10,941.16 - principal + interest over 2 years.
$10,941.16 - $10,000 ==$941.16 - interest earned over 2 years.
