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

ANSWERS

2016-04-13 05:27:33

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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