SOLUTION: Using the expression below, choose the correct answers for the new balance and the amount of interest earned in the following compound interest problem. P(1 + r)n $750 at 7%

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Question 1035601: Using the expression below, choose the correct answers for the new balance and the amount of interest earned in the following compound interest problem.
P(1 + r)n
$750 at 7% for 9 years, compounded annually.
Total Amount = $
Interest Amount = $

Answer by robertb(5830) About Me  (Show Source):
You can put this solution on YOUR website!
Amount = 750%281%2B0.07%29%5E9+=+1378.84
Interest = $1,378.84 - $750 = $628.84.