Consider a $1,400 deposit earning 11 percent interest per year for 8 years. How much total interest is earned on interest (excluding interest earned on the original deposit)?

Consider a $1,400 deposit earning 11 percent interest per year for 8 years. How much total interest is earned on interest (excluding interest earned on the original deposit)?

$594.35

PV = 1,400, N = 8, I = 11, PMT = 0, FV = 3,226.35
$1,400 × 11% × 8 = $1,232.00
$3,226.35 − $1,400.00 − $1,232.00 = 594.35

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