Question

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

$70,600 for 3 years at 4.2%



A.


final balance: $70,896.52
interest earned: $296.52


B.


final balance: $73,565.20
interest earned: $2965.20


C.


final balance: $79,495.60
interest earned: $8895.60


D.


final balance: $79,874.45
interest earned: $9274.45

Answer 1

acxbox you there

Answer 2

yeah...sorry...was working on the biggest algebra 1 project of the year
i planned to do it in one night and that hasnt turned out so well....

Answer 3

anyway...for compound interest to find the total balance you have to use the compound interest exponential growth formula
T=70600(1+0.042)^3

Answer 4

sorry im not so good in math

Answer 5

use a calculator to solve that

Answer 6

t is total balnce

Answer 7

i don't really understand it thats why i come here it helps me i understand some of it

Answer 8

is it b???? thats what i got from the calculator

Answer 9

so the starting balance is 70600
interest rate is 4.2% over 3 years
https://qrc.depaul.edu/StudyGuide2009/Notes/Savings%20Accounts/Compound%20Interest.htm
this link might help you understand the concept

Answer 10

so its b

Answer 11

no actually it is D

Answer 12

oh sorry

Answer 13

hey can you help me with a few if not its okay