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24 March, 01:11

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 = $

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Answers (2)
  1. 24 March, 01:32
    0
    Total Amount - 4,506.46

    Interest Amount - 3,456.46
  2. 24 March, 02:56
    0
    A = 1,050 * (1+0.06) ^ (25)

    A=4,506.46

    Interest earned=4506.46-1050 = = 3,456.46
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