sarahsompayrac
27.06.2019 •
Mathematics
How much interest is earned on a principal of $575 invested at an interest rate of 7% compounded annually for nine years?
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Ответ:
$482.11 in interest
Step-by-step explanation:
Use the compound amount formula. Calculate the compound amount and then subtract the principle to find the amount of interest earned.
A = P(1 + r)^t, where r is the interest rate as a decimal fraction
This becomes:
A = $575(1 + 0.07)^9, or A = $1057.11.
Subtracting the principal: A - P: $1057.11 - $575 = $402.11
Ответ: