Question

Remember:

B * In

Using the expression above, choose the correct answers for the new balance and the amount of interest earned in the following compound interest problem.

$850 at 8% for 8 years, compounded annually.

Answer 1

total amount=1573.29

interest amount=723.29

Explanation:

Answer 2

For the answer to the question above asking to choose the correct answers for the new balance and the amount of interest earned in the following compound interest problem. There are no choices so I will solve this one for you.
850 ( 1+.08)^8
850 (1.08)^8

850(1.85093021028)
=1,573.29 is the amount of the new balance and the amount of interest earned.

I hope my answer helped you. Feel free to ask more questions. Have a nice day!