SOLUTION: This is a simple compound interest question: Am just lost on how to set up the formula and work the problem. If $850 is invested at 9% compound, after 8 years how much interest

Question 696590: This is a simple compound interest question: Am just lost on how to set up the formula and work the problem.
If $850 is invested at 9% compound, after 8 years how much interest has been earned
A)Annually
B)Quarterly
C)Monthly
Thanks in advance
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
A)
FV=850(1+.09)^8
B)
FV=850(1+0.9/4)^(4*8)
C)
FV=850(1+0.9/12)^(12*8)
Subtract $850 from the FV for the interest amount.
RELATED QUESTIONS
I am not sure how to set up and solve the formula for compound interest. I have the... (answered by solver91311)

I figured out the answer but I am clueless as to the equation. Can you please help????... (answered by stanbon)

I have this question on my homework: You put $500 in a savings account. The account earns (answered by KMST)

I have a problem solving this compound interest question. Question : If 7000 dollars (answered by Mathtut)

I am hoping that someone can just give me the formula for figuring out a word problem... (answered by stanbon)

Ooops. I just asked one question and was looking at the other problem. Sorry. Here... (answered by longjonsilver)

I am stumped on these kinds of word problems. You guys helped me a lot with the coin... (answered by Edwin McCravy)

Hi, Not sure if this is correct, but is the answer 52,000? I am thinking that the... (answered by bucky)

Not sure if this is in the right section, but hoping for some help. I have this question (answered by Fombitz)