Using the expression below, choose the correct answers for the new balance and amount of interest earned in the following compound interest problem. P (1 + r) n $1,100 at 8%, for 15 years, compounded annually.

Total Amount = $

Interest Amount = $

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Kaila Avila · Answer 1

Total = Principal * (1 + rate) ^years

Total = 1,100 * (1.08) ^15

Total = 3,489.39

Using the expression below, choose the correct answers for the new balance and amount of interest earned in the following compound interest problem. P (1 + r) n $1,100 at 8%, for 15 years, compounded annually.Total Amount = $Interest Amount = $