anisha1998 anisha1998

19-07-2017
Mathematics

contestada

$1,100 at 8%, for 15 years, compounded annually. Total Amount = $ Interest Amount = $

Respuesta :

Aliwohaish12 Aliwohaish12

19-07-2017

The formula to find the total amount is
A=p (1+r)^t
A future value?
P present value 1100
R interest rate 0.08
T time 15 years
A=1,100×(1+0.08)^(15)
A=3,489.39

To find the interest amount the formula is
I=A-p
I=3,489.39−1,100
I=2,389.39

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