document.write( "Question 1000773: Use the compound interest formula to determine the interest earned in the given period.
\n" ); document.write( "p=$4000 at 6.5% compounded annually for 8 years.
\n" ); document.write( "The previous answer I was given was wrong.
\n" ); document.write( "The correct answer is $2619.98 but how do I get that?
\n" ); document.write( "Thanks! \n" ); document.write( "
Algebra.Com's Answer #618205 by Theo(13342)\"\" \"About 
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4000 * (1.065)^8 = 6619.982685
\n" ); document.write( "6619.982685 - 4000 = 2619.982685 which rounds to 2619.98.\r
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\n" ); document.write( "\n" ); document.write( "the formula required is f = p * (1+r)^n\r
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\n" ); document.write( "\n" ); document.write( "f is the future value
\n" ); document.write( "p is the present value
\n" ); document.write( "r is the interest rate per time period.
\n" ); document.write( "n is the number of time periods.\r
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\n" ); document.write( "\n" ); document.write( "6.5% annual percentage rate compounded annually is equal to .065.
\n" ); document.write( "r = .065\r
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\n" ); document.write( "\n" ); document.write( "n is the number of time periods.
\n" ); document.write( "since the time period is in years, then n = 8 years.\r
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\n" ); document.write( "\n" ); document.write( "the interest earned is equal to the future value minus the present value.
\n" ); document.write( "if i is the the interest, then i = f - p.\r
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