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3 July, 02:34

Find the Compound Amount. and Interest Earned

Round to the nearest cent.

Amount = $7,200

Rate = 4%

Compounded = Annually

Time (Years) = 8

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Answers (1)
  1. 3 July, 06:07
    0
    =$9,853.70 and $2,653.70

    Explanation:

    The formula for calculating compound interest is

    FV = PV * (1+r) n

    where FV = Future Value

    PV = Present Value, $7200

    r = annual interest rate, 4 % or 0.04

    n = number of periods ... 8

    The compound amount

    Fv = 7200 x (1 + 0.04) 8

    =7200 x 1.3685690

    =$9,853.69

    =$9,853.70

    The interest will be

    = $9853.70 - $7,200

    = $2,653.70
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