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8 August, 06:27

Using the expression above, choose the correct answers for the new balance and the amount of interest earned in the following compound interest problem. $850 at 8% for 8 years, compounded annually.

Total Amount = $

Interest Amount = $

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Answers (1)
  1. 8 August, 08:29
    0
    A=850 * (1+0.08) ^ (8)

    A=1,573.29

    Interest earned 1573.29-850=723.29
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