Ask Question
14 January, 08:04

Using the formula in model 1, choose the correct answers for the new balance and amount of interest earned in the following compound interest problem. $1,050 at 6%, for 25 years, compounded annually.

Total Amount = $

Interest Amount = $

+3
Answers (2)
  1. 14 January, 08:06
    0
    A = 1,050 * (1+0.06) ^ (25)

    A=4,506.46

    Interest earned=4506.46-1050 = = 3,456.46
  2. 14 January, 08:27
    0
    Total Amount - 4,506.46

    Interest Amount - 3,456.46
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Using the formula in model 1, choose the correct answers for the new balance and amount of interest earned in the following compound ...” in 📗 Mathematics if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers