Which of the following statements are true? Select all that apply
1 answer:
You might be interested in
Answer:
$693
Step-by-step explanation:
Catherine invested a principal of $1,650 in her bank account with;
interest rate of 3.1%
How much interest did she earn in 14 years?
To find the amount accumulated in the 14 years, we use the formula:
A = P(1 + rt)
Where A is the amount accumulated, P is the principal, r is the interest rate and t is the time.
A = $1650(1 + (14))
A = $1650 + $693 = $2343
Interest = Amount (A) - Principal (P) = $2343 - $1650 = $693