document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1201016>Question 1201016</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Using the expression below, choose the correct answers for the new balance and amount of interest earned in the following compound interest problem.\r<BR>\n" );
document.write( "\n" );
document.write( "P(1 + r)n\r<BR>\n" );
document.write( "\n" );
document.write( "$1,100 at 8%, for 15 years, compounded annually.\r<BR>\n" );
document.write( "\n" );
document.write( "Total Amount = $ \r<BR>\n" );
document.write( "\n" );
document.write( "Interest Amount = $ \r<BR>\n" );
document.write( "\n" );
document.write( " </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #835247 by </B><A HREF=/tutors/aboutme.mpl?userid=Theo><B>Theo(13342)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Theo><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=Theo><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=835247\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> the formula if f = p * (1 + r) ^ n<BR>\n" );
document.write( "f is the future value<BR>\n" );
document.write( "p is the present value<BR>\n" );
document.write( "r is the interest rate per time period.<BR>\n" );
document.write( "n is the number of time periods.\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "you have p = 1100 and r = .08 and n = 15.<BR>\n" );
document.write( "the formula becomes f = 1100 * 1.08 ^ 15 = 3489.386026.<BR>\n" );
document.write( "that's the total amount.<BR>\n" );
document.write( "the total interest is that minus 1100 = 2389.386026. </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );