Using the expression above choose the correct answer for the new balance in amount of interest earned in the following compound
interest problem $950 at 7% for eight years compounded annually
2 answers:
Answer:
$1,632.28
Step-by-step explanation:
Here is the website I used
https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator
Answer:
Given:
P=950
r=0.07
t=8
F=950(1.07)^8
= 1632.28 (total amount)
Interest = total amount - principal
=1632.28 - 950
=682.28
Step-by-step explanation:
The formula is:
Future value = accumulated amount, F = P(1+r)^t
P=principal
r=annual interest rate [compounded annually]
t=number of years of loan
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