SOLUTION: Use the compound interest formula to determine the interest earned in the given period. P=$4000 at 6.5% compounded annually for 8 years Please explain, thanks!

SOLUTION: Use the compound interest formula to determine the interest earned in the given period. P=$4000 at 6.5% compounded annually for 8 years Please explain, thanks!

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Question 1000523: Use the compound interest formula to determine the interest earned in the given period.
P=$4000 at 6.5% compounded annually for 8 years
Please explain, thanks!
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
FV=4000(1.065)^8
FV=4000(1.655)
FV=10956.00
-------
10956-4000=6956 interest
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