To what amount will $5,000 invested for 8 years at 10 percent compounded annually accumulate?
Added by Belen R.
Step 1
In this case, we have: P = $5,000 r = 10% = 0.10 n = 1 (compounded annually) t = 8 years Plugging these values into the formula, we get: A = $5,000(1 + 0.10/1)^(1*8) A = $5,000(1.10)^8 A = $5,000(2.143588) A = $10,717.94 Show more…
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