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Using the formula in model 1, choose the correct answers for the new balance and amount of interest earned in the following compound interest problem. $1,050 at 6%, for 25 years, compounded annually. Total
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Using the formula in model 1, choose the correct answers for the new balance and amount of interest earned in the following compound interest problem. $1,050 at 6%, for 25 years, compounded annually.

Total Amount = $
Interest Amount =$

User Mlapaglia
by
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2 Answers

7 votes
Total Amount - 4,506.46
Interest Amount- 3,456.46


User Adib
by
6.4k points
4 votes
A= 1,050×(1+0.06)^(25)
A=4,506.46
Interest earned=4506.46-1050= =3,456.46
User Fhahn
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6.5k points
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