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
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If $850 is invested at 9% compound, after 8 years how much interest
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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.
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