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Suppose that $8500 is placed in an account that pays 11% interest compounded each year. Assume that no withdrawals are made from the account.
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4 votes
Suppose that

$8500
is placed in an account that pays
11%
interest compounded each year. Assume that no withdrawals are made from the account.

User Steven Eckhoff
by
8.3k points

1 Answer

5 votes
you can use the equation P(1+(n/t))^(n) to find the amount after time (t), given the starting amount(P) and the number of times compounded (n)
User Fenone
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