Question

Find the compound amount for each deposit and the amount of interest earned. $\$ 1000$ at 6$\%$ compounded annually for 8 years 

          Find the compound amount for each deposit and the amount of interest earned.
$\$ 1000$ at 6$\%$ compounded annually for 8 years

Added by Hugo A.

Calculus: Early Transcendentals
Calculus: Early Transcendentals
James Stewart 8th Edition
AceChat toggle button
Close icon
Ace pointing down

Please give Ace some feedback

Your feedback will help us improve your experience

Thumb up icon Thumb down icon
Thanks for your feedback!
Profile picture
thoughtful
Close icon
Play audio
Feedback
Powered by NumerAI
Danielle Fairburn David Collins
Jennifer Stoner verified

Khushbu Rani and 90 other subject Calculus 3 educators are ready to help you.

Ask a new question
*

Labs

-

Want to see this concept in action?

NEW

Explore this concept interactively to see how it behaves as you change inputs.

View Labs
*

Key Concepts

-
Key Concept
Premium Feature
Explore the core concept behind this problem.
Play button
Key Concept
Premium Feature
Explore the core concept behind this problem.
Your browser does not support the video tag.
*

Recommended Videos

-
find-the-interest-rate-for-each-deposit-and-compound-amount-8000-accumulating-to-1167212-compounded-

Find the interest rate for each deposit and compound amount. $\$ 8000$ accumulating to $\$ 11,672.12,$ compounded quarterly for 8 years

Finite Mathematics and Calculus with Applications

Mathematics of Finance

Simple and Compound Interest
find-the-compound-amount-for-each-deposit-and-the-amount-of-interest-earned-8500-at-8-compounded-qua

Find the compound amount for each deposit and the amount of interest earned. $\$ 8500$ at 8$\%$ compounded quarterly for 5 years

Finite Mathematics and Calculus with Applications

Mathematics of Finance

Simple and Compound Interest
find-the-compound-amount-for-each-deposit-and-the-amount-of-interest-earned-8500-at-8-compounded-qua

Find the compound amount for each deposit and the amount of interest earned. $\$ 8500$ at 8$\%$ compounded quarterly for 5 years

Finite Mathematics and Calculus with Applications

Mathematics of Finance

Simple and Compound Interest
*

Recommended Textbooks

-
Calculus: Early Transcendentals

Calculus: Early Transcendentals

James Stewart 8th Edition
achievement 1,245 solutions
Calculus: Early Transcendentals

Calculus: Early Transcendentals

William Briggs, Lyle Cochran, Bernard Gillet 3rd Edition
achievement 1,116 solutions
Thomas Calculus

Thomas Calculus

George B. Thomas Jr. 14th Edition
achievement 1,859 solutions
*

Transcript

-
00:01 Hi there's a question we say that find the compound amount for each deposit and okay, interest to earn so we have been given principle equal to one thousand dollars rate equal to six percent per annum compounded annually for eight years time equal to eight years so i have to find the compound amount so amount will be p 1 plus r by 100 raised to the power t so 1 ,000 1 plus 6 by 100 raised to the power 8 2 3 times 250 so 1 ,000 1 plus 3 by 50 raised to the power 8 1 ,000 1 plus 3 by 50 1 plus 3 by 50 plus 1 raised to the power 8 that is 1 1 .593848 multiplied by 1000 which is 1 ,593 .83 .84...
Need help? Use Ace
Ace is your personal tutor. It breaks down any question with clear steps so you can learn.
Start Using Ace
Ace is your personal tutor for learning
Step-by-step explanations
Instant summaries
Summarize YouTube videos
Understand textbook images or PDFs
Study tools like quizzes and flashcards
Listen to your notes as a podcast
Continue solving this problem
Create a free account to:
  • View full step-by-step solution
  • Ask follow-up questions with Ace AI
  • Save progress and study later
Continue Free
Join the community

18,000,000+

Students on Numerade

Trusted by students at 8,000+ universities

Numerade

Get step-by-step video solution
from top educators

Continue with Clever
or



By creating an account, you agree to the Terms of Service and Privacy Policy
Already have an account? Log In

A free answer
just for you

Watch the video solution with this free unlock.

Numerade

Log in to watch this video
...and 100,000,000 more!


EMAIL

PASSWORD

OR
Continue with Clever