Using the formula in model 1, choose the correct answers for the total amount and amount of interest earned in the following compound interest problem. $2,900 at 1.5% for 3 years, compounded annually.
Total Amount = $
Interest Amount =$

the answer is:

the correct option:

b.

to solve the problem, we need to remember how to operate to simplify exponential expressions using the logarithms.

we are given the equation:

then, using placing logarith with base 7 on both sides of the equation, we have:

so, rounding the obtained result to two decimal places (nearest hundreth), we have:

hence, we have that the correct option:

b.

have a nice day!

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