Register
Using the formula in model 1, choose the correct answers for the new balance and the amount of interest earned in the following compound interest problem. $650 at 8% for 14 years, compounded annually.
61.6k views
4 votes
Using the formula in model 1, choose the correct answers for the new balance and the amount of interest earned in the following compound interest problem. $650 at 8% for 14 years, compounded annually.

Total Amount = $
Interest Amount =$

User Avinash Ravi
by
8.0k points

2 Answers

3 votes
A=p(1+r)^t
A=650×(1+0.08)^(14)
A=1,909.18
Interest earned=a-p=1909.18-650=1,259.18
User Nathan Kuchta
by
8.0k points
4 votes
Total Amount = $ 1,909.18
Interest Amount =$ 1,259.18
User Brian Low
by
7.1k points
← Prev Question Next Question →

No related questions found

Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Other Questions

What is .725 as a fraction
How do you estimate of 4 5/8 X 1/3
A bathtub is being filled with water. After 3 minutes 4/5 of the tub is full. Assuming the rate is constant, how much longer will it take to fill the tub?
i have a field 60m long and 110 wide going to be paved i ordered 660000000cm cubed of cement  how thick must the cement be to cover field
A dealer sells a certain type of chair and a table for $40. He also sells the same sort of table and a desk for $83 or a chair and a desk for $77. Find the price of a chair, table, and of a desk.
Link Copied!