Using the formula in model 1, choose the correct answers for the new balance and the amount of interest earned in the following

Question

3 years ago

11

compound interest problem. $650 at 8% for 14 years, compounded annually.
Total Amount = $
Interest Amount =$

2 answers:

Sedbober [7] · Answer 1 · 2022-03-13T02:07:09+03:00

8 0

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

erica [24] · Answer 2 · 2022-03-13T04:22:15+03:00

erica [24]3 years ago

6 0

Total Amount = $ 1,909.18
Interest Amount =$ 1,259.18