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Suppose your​ friend's parents invest $ 20000 in an account paying 7 % compounded annually. What will the balance be after 8 years?
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2 votes
Suppose your​  friend's

parents invest  $ 20000 in an account paying 7 % compounded annually. What will the balance be after 8 years?
User Anders Zommarin
by
5.4k points

2 Answers

5 votes

Answer:

i’m not sure

Explanation:

User Romeovs
by
5.9k points
2 votes
Each year, the current balance is multiplied by 1.07.

After 8 years, we'll have multiplied it by 1.07 eight times.

This can be written as


20000*1.07^8, which has a value of $34363.72, to the nearest cent.
User Azngeek
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