Question

$1,100 at 8%, for 15 years, compounded annually. Total Amount = $ Interest Amount = $

Answer 1

The formula to find the total amount is
A=p (1+r)^t
A future value?
P present value 1100
R interest rate 0.08
T time 15 years
A=1,100×(1+0.08)^(15)
A=3,489.39

To find the interest amount the formula is
I=A-p
I=3,489.39−1,100
I=2,389.39