SOLUTION: If $700 is invested at 10% compounded yearly, what is the interest earned after: 6 years interest earned= 5 years interest earned=

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Question 1035118: If $700 is invested at 10% compounded yearly, what is the interest earned after:
6 years interest earned=
5 years interest earned=
Found 2 solutions by addingup, MathTherapy:
Answer by addingup(3677)   (Show Source): You can put this solution on YOUR website!
700(1+0.10)^t substitute for t to find 6 years and 5 years
Answer by MathTherapy(10549)   (Show Source): You can put this solution on YOUR website!

If $700 is invested at 10% compounded yearly, what is the interest earned after:
6 years interest earned=
5 years interest earned=
, with , and where:

A = Future Value (unknown in this case)

P = Principal/Original amount invested/Original amount deposited ($700, in this case)

r = Interest rate (10%, or .1, in this case)

m = Compounding periods, per year (yearly, or 1, in this case)

t = Time, in years (6, in scenario "a", and 5, in scenario "b") 

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