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find the missing final amount (feature value) and interest earned. (round to the nearest cent as needed)

Find The Missing Final Amount Feature Value And Interest Earned Round To The Nearest Cent As Needed class=

Sagot :

ANSWER

Final Amount = $32257.45

Compound Interest = $24657.45

EXPLANATION

We want to find the missing figures.

To do that, we have to first find the Final Amount on the Principal given with the respective rate and time, and then find the Compound Interest.

We have that for a compound interest:

[tex]A=P(1+r)^t[/tex]

where P = principal = $7600

r = rate = 5 1/2% = 5.5% = 0.055

t = time = 27 years

Therefore, the final amount is:

[tex]\begin{gathered} A=7600(1+0.055)^{27}=7600(1.055)^{27} \\ A\text{ = \$32,257.45} \end{gathered}[/tex]

To find the Compound Interest, we have to subtract the principal from the final amount.

That is:

I = A - P

I = 32257.45 - 7600

I = $24,657.45

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