Use the formula to solve the problems. p(1+r)t the amount that results when $3,000 is compounded at 7% annually over eight years =

the interest earned in this case=

$2154.56

Step-by-step explanation:

The formula to calculate the compound amount is given by :-

, where P = Principal amount.

r=  Rate of interest ( in decimal)

t= Time period. ( usually in years)

Given : The amount that results when $3,000 is compounded at 7% annually over eight years .

i.e. we have

P= $ 3000 , r = 7%=0.07 and t= 8

Then, the compound amount =

Hence, Compound amount after 8 years = $5154.56

Now, Interest earned = Compound amount(A) - Principal amount (P)

= $5154.56- $3000 = $2154.56

Hence, the interest earned in this case= $2154.56

can you add a graph

Step-by-step explanation: