Question

Colton opened a savings account and deposited $1,000.00 as principal. The account earns 11% interest, compounded annually. What is the balance after 8 years? Round your answer to the nearest cent.

Answer 1

$2304.5

Explanation:

The balance after 8years=P(1+R/100)^t

=1000(1+11/100)^8

=$2304.5