SOLUTION: investing $110,000 at 6.5 percent interest, compounded annually for 4 years. how much interest did the company earn over this period of time?

SOLUTION: investing $110,000 at 6.5 percent interest, compounded annually for 4 years. how much interest did the company earn over this period of time?

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Question 1025639: investing $110,000 at 6.5 percent interest, compounded annually for 4 years. how much interest did the company earn over this period of time?
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
P=Po{1+r/t}^4=Po{1.065}^4=110000*1.2865= (round only at this step) $141,511.30
the total interest was $31,511.30
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