if the balance at the end of eight years on an investment of $630 that has been invested at a rate of 9% is $1,083.60, how much was the interest.
if the balance at the end of eight years on an investment of $630 that has been invested at a rate of 9% is $1,083.60, how much was the interest.
If the $630 was invested for 8 years @ 9% comp. annually, the $630 should have have grown to $1,255.31 and NOT $1,083.60. This means there had to be a withrawal of $1,255.31 - $1,083.60=$171.71 sometime in that 8-year period. $1,083.60 would be the amount you would expect to receive @ about 7% and NOT 9%. At any rate, whtaever the final balance is supposed to be, $1,255.31 or $1,083.60, you simply subtract the original $630 from it and you get the interest.
