Consider a $1,600 deposit earning 7 percent interest per year for six years
Consider a $1,600 deposit earning 7 percent interest per year for six years.What is the future value?
(Do not round intermediate calculations and round your final answer to 2 decimal places.)
Future value$____
How much total interest is earned on the original deposit? (Do not round intermediate calculations and round your final answer to 2 decimal places.)
Total interest earned$___
How much is interest earned on interest? (Do not round intermediate calculations and round your final answer to 2 decimal places.)
Interest earned on interest$ _____