Use values from the compound interest table to find the compound interest. Round to the nearest cent.
-$9,000 at 8% compounded annually for 16 years
A)$10,800.00
B)$19,549.52
C)$11,520.00
D)$21,833.46

Question

Use values from the compound interest table to find the compound interest. Round to the nearest cent. 
-$9,000 at 8% compounded annually for 16 years
A)$10,800.00 
B)$19,549.52 
C)$11,520.00 
D)$21,833.46

Quizplus · Accepted Answer

The formula for compound interest is A = P(1 + r/n)^(nt). Here, P = $9,000, r = 0.08, n = 1, t = 16. Plugging in these values, A = 9000(1 + 0.08)^16 = $21,833.46.

Use Values from the Compound Interest Table to Find the Compound