Interest Rate: 9% daily Starting Balance: 467 Time Passed: 14 days How much interest has accrued if calculated as compound interest? What is the new total balance?

1094 & 1561

1000 & 1500

1200 & 1600

1522 & 1600

Compound Interest: Total Balance = P(1 + R)T P = principle = starting balance = 467 R = interest rate = 9% T = time = 14 years Total balance = principle × (1 + interest rate)time = 467 × (1 + (9 / 100))14 = 1561 Interest accrued = total balance - starting balance = 1561 - 467 = 1094

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