Consider a $2,800 deposit earning 7 percent interest per year for six years What

Question

Consider a $2,800 deposit earning 7 percent interest per year for six years What is the future value (Do not round intermediate calculations. Round your final answer to 2 decimal places.) Future value How much total interest is earned on the original deposit? (Do not round intermediate calculations. Round your final answer to 2 decimal places.) Total interest eamed How much is interest earned on interest? (Do not round intermediae calculations. Round your final answer to 2 decimal places.) Interest earned on interest

Explanation / Answer

Future Value ==2800*(1+7%)^6 4202.04 Total Interest Earned 4202.04-2800 1402.04 Total Interest Earned on orginal Deposit=2800*7%*6 1176 Interest earned on interest 1402.04-1176 226.04

Related Questions

Navigate

• Browse (All)
• Browse C
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.