melissap1975
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Using the expression above choose the correct answer for the new balance in amount of interest earned in the following compound interest problem $950 at 7% for eight years compounded annually

Respuesta :

Answer:

Given:

P=950

r=0.07

t=8

F=950(1.07)^8

= 1632.28 (total amount)

Interest = total amount - principal

=1632.28 - 950

=682.28

Step-by-step explanation:

The formula is:

Future value = accumulated amount, F = P(1+r)^t

P=principal

r=annual interest rate [compounded annually]

t=number of years of loan

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