Using the formula in model 1, choose the correct answers for the new balance and the amount of interest earned in the following
compound interest problem. $650 at 8% for 14 years, compounded annually.
Total Amount = $
Interest Amount =$
2 answers:
A=p(1+r)^t
A=650×(1+0.08)^(14)
A=1,909.18
Interest earned=a-p=1909.18-650=1,259.18
Total Amount = $ <span>1,909.18</span>
<span>Interest Amount =$ </span><span>1,259.18</span>
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