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19 January, 10:39

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 = $

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Answers (1)
  1. 19 January, 12:02
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    Total = Principal * (1 + rate) ^years

    Total = 1,100 * (1.08) ^15

    Total = 3,489.39
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