Question

When calculating accrued interest over several years that compounds annually, you must _____.

Answer 1

calculate a new principal each year, adding in the accrued interest from the previous year

use the I = Prt formula where t = the number of years

calculate the interest for each year and add all the years' interest amounts to the original principal

none of the above

Answer 2

A

Answer 3

The first option is correct, because this is compound interest.

Answer 4

are yousure?

Answer 5

yes.

Answer 6

can you help answer this question too

Your fixed expenses are $1,763.25/month. You saved 6 months' worth for an emergency fund in a savings account earning a 4.5% APR over 3 years. After 3 years, you withdrew $4,360.00 because of losing your job. What is your balance after the withdrawal?

Answer 7

lol marsbar start your own qn

Answer 8

do you mean another question lol?

Answer 9

oh i didnt realise this is ur thread lol

Answer 10

oh