Using the formula in model 1, choose the correct answers for the new balance and amount of interest earned in the following compound interest problem. $1,050 at 6%, for 25 years, compounded annually.

Total Amount = $

Interest Amount = $

Question

Philip Irwin

8 November, 09:49

+5

Answers (2)

Know the Answer?

Kaylah Sandoval · Answer 1

Total Amount - 4,506.46

Interest Amount - 3,456.46

Skyler Hays · Answer 2

A = 1,050 * (1+0.06) ^ (25)

A=4,506.46

Interest earned=4506.46-1050 = = 3,456.46

Using the formula in model 1, choose the correct answers for the new balance and amount of interest earned in the following compound interest problem. $1,050 at 6%, for 25 years, compounded annually.Total Amount = $Interest Amount = $