Question

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 = $

Answer 1

Answer:total amount $1,378.84

interest amount $628.84

Explanation:

Answer 2

A= 750×(1+0.07)^(9)
A=1,378.84
interest earned 1378.84−750
=628.84