Question

PLEASE HELP GIVING 25 POINTS For the investment with interest compounded annually, find the final balance and the total interest earned. $1200 for 2 years at 10%

A. final balance: $1440 interest earned: $240
B. final balance: $1452 interest earned: $252
C. final balance: $1600 interest earned: $400
D. final balance: $2400 interest earned: $1200

Answer 1

I=P*RT
interest rate =principal *rate of interest * time
1200*10%*2=240
A