Question

P (1+r)^n

$750 at 7% for 9 years compounded annually
Total amount=
Interest amount=

Answer 1

A = 750(1+0.07)^9
A = $1378

$1378 - $750 = $628

total amount = $1378
interest amount = $628

Answer 2

Answer with Step-by-step explanation:

Total amount =
`P(1+r)^n`

Here, P=$750

r=7/100=0.07

n=9

Total amount=

`750(1+0.07)^9\\\\=750* 1.07^9\\\\=\$ 1378.8`

Interest amount=Total amount-Initial amount

=1378.8-750

= $628.8

Hence,

Total amount=

$1378.8

Interest amount=$628.8