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=

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

Interest amount=Total amount-Initial amount

                         =1378.8-750

                        = $628.8

Hence,

Total amount=

$1378.8

Interest amount=$628.8