Register
Suppose that $30000 is invested at 7% interest. Find the amount of money in the account after 8 years if the interest is compounded annually
12.9k views
2 votes
Suppose that $30000 is invested at 7% interest. Find the amount of money in the account after 8 years if the interest is compounded annually

User Dhruv Saraswat
by
8.7k points

1 Answer

3 votes
A=30,000(1+.07/1)^8*1
Final amount = Principal(1+rate/times compounded in a year)^years to grow*times compounded in a year
Answer = 51,545.59
User Dean Michael
by
8.2k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.5m questions

12.2m answers

Other Questions

How do you can you solve this problem 37 + y = 87; y =
What is .725 as a fraction
How do you estimate of 4 5/8 X 1/3
A bathtub is being filled with water. After 3 minutes 4/5 of the tub is full. Assuming the rate is constant, how much longer will it take to fill the tub?
A dealer sells a certain type of chair and a table for $40. He also sells the same sort of table and a desk for $83 or a chair and a desk for $77. Find the price of a chair, table, and of a desk.
Link Copied!