Register

Using the formula in model 1, choose the correct answers for the new balance and the amount of interest earned in the following compound interest problem. $650 at 8% for 14 year…

Using the formula in model 1, choose the correct answers for the new balance and the amount of interest earned in the following compound interest problem. $650 at 8% for 14 year…
asked 21.1k views
0 votes
Using the formula in model 1, choose the correct answers for the new balance and the amount of interest earned in the following compound interest problem. $650 at 8% for 14 years, compounded annually. Total Amount = $ Interest Amount =$

asked
User Jotbek
by
8.3k points

1 Answer

5 votes
Total = Principal * (1 + rate)^years
Total = 650 * (1.08)^14
Total = 1,909.18

answered
User Christophe Debove
by
7.6k points
← Prev Question Next Question →

No related questions found

Ask a Question
Welcome to Qamnty — a place to ask, share, and grow together. Join our community and get real answers from real people.

Categories

Other Questions

How do you can you solve this problem 37 + y = 87; y =
What is .725 as a fraction
A bathtub is being filled with water. After 3 minutes 4/5 of the tub is full. Assuming the rate is constant, how much longer will it take to fill the tub?
Link Copied!