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Using the formula in model 1, choose the correct answers for the new balance and the amount of interest earned in the following compound interest problem. $650 at 8% for 14 years, compounded annually.


Total Amount = $

Interest Amount =$

Verified Answer :

Aliwohaish12

A=p(1+r)^t
A=650×(1+0.08)^(14)
A=1,909.18
Interest earned=a-p=1909.18-650=1,259.18

Total Amount = $ 1,909.18
Interest Amount =$ 1,259.18

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