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Remember:
B * In
Using the expression above, choose the correct answers for the new balance and the amount of interest earned in the following compound interest problem.
$850 at 8% for 8 years, compounded annually.

Respuesta :

[tex]\bf \qquad \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+\frac{r}{n}\right)^{nt} \qquad \begin{cases} A=\textit{current amount}\\ P=\textit{original amount deposited}\to &\$850\\ r=rate\to 8\%\to \frac{8}{100}\to &0.08\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{annually, means once} \end{array}\to &1\\ t=years\to &8 \end{cases}[/tex]

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