B* in using the expression above, choose the correct answers for the new balance and the amount of interest earned in the following compound interest problem. $850 at 8% for 8 years, compounded annually. total amount = $ interest amount = $

 Total Amount = $1573.29

Interest Amount =$723.29

Step-by-step explanation:

The formula to find the compound amount is given by :-

, where P is the Principal amount , r is the rate of interest ( in decimal) and t is the time period ( in years).

Given : P= $850   :   r= 8%=0.08    ;   t= 8 years

Then, the compound amount after 8 years if compounded annually :-

Hence, Total Amount = $1573.29

Interest Amount = Total Amount -Principal amount

=$1573.29-  $850 =$723.29

Thus, Interest Amount =$723.29

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