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8 October, 11:30

Using the expression below, choose the correct answers for the new balance and the amount of interest earned in the following compound interest problem. P (1 + r) n $750 at 7% for 9 years, compounded annually.

Total Amount = $

Interest Amount = $

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Answers (2)
  1. 8 October, 12:03
    0
    To set this equation up, you would do $750 (1+.07) ^9

    If you solve that, the Interest Amount for the 9 years would be $1378.84

    "It's been a long time since I did this, I honestly forgot how to find the total amount" "Sorry"
  2. 8 October, 15:28
    0
    A = 750 * (1+0.07) ^ (9)

    A=1,378.84

    interest earned 1378.84-750

    =628.84
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