Question

Help please, Compound Interest

Answer 1

@Jadeishere

Answer 2

What's the question here?

Answer 3

For the investment with interest compounded annually, find the final balance and the total interest earned.

$1200 for 2 years at 10%

A.
final balance: $1440
interest earned: $240

B.
final balance: $1452
interest earned: $252

C.
final balance: $1600
interest earned: $400

D.
final balance: $2400
interest earned: $1200

Answer 4

How do you figure this out and what is the answer

Answer 5

@thesecret20111

Answer 6

hello i need help

Answer 7

Sorry I was answering someone else.. Give me a second to refresh my memory on compound interest by reading my textbook.

Answer 8

thank you for helping me

Answer 9

i feel like this is a question for a banker

Answer 10

ok well i think it is A

Answer 11

@PinkSapphire

Answer 12

The formula for total balance in account after compound interest is earned = A=PR^n
Where A = final balance
Where P = Principle (initial balance)
Where R = Percentage
Where n = number of interest compounding periods

Answer 13

So input the known values into this formula: A=1200*(1+r/100)^2

Answer 14

ok so A

Answer 15

A=1200*(1+10/100)^2

Answer 16

is this another formula, What number you deposit, times the ammount of interest percent over 100

Answer 17

Yes its the number you first deposit multiplied by the interest percentage the to the power of the number of years

Answer 18

1200*(1+10/100)^2 = $1452

Answer 19

So the total amount in the account after the 2 years of investment is $1452. The amount of interest earned in those 2 years = ending balance - starting deposit = $252

Answer 20

So answer is B