Question

What is the balance of $100 with an annual compound interest of 8% for 40 years?

Answer 1

`\begin{gathered} A=\lbrack p(1+(r)/(100))^(n\rbrack) \\ =\lbrack100(1+(8)/(100))^(40\rbrack) \\ =100(1.08)^(40) \\ =100*21.72 \\ =2172 \end{gathered}`