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30 October, 12:00

Remember: P (1+r) t Using the expression above, choose the correct answers for the new balance and the amount of interest earned in the following compound interest problem. $950 at 7% for 8 years, compounded annually. Total Amount = $ Interest Amount = $

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  1. 30 October, 12:41
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    Total amount

    950 * (1+0.07) ^ (8)

    =1,632.28

    Interest amount

    1,632.28-950

    =682.28
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