How much would $500 invested at 8% interest compounded annually be worth after 4 years? Round your answer to the nearest cent.

asked Dec 8, 2021 101k views

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How much would $500 invested at 8% interest compounded annually be

worth after 4 years? Round your answer to the nearest cent.

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1 vote

Answer:

$680.24

Explanation:

a p e x :))

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7 votes

The answer is $680.24

Here is the work:

A(4) = 500(1+(0.08/1))^(1*4)

A(4) = 500(1.08)^4

A(4) = $680.24

RotatingWheel answered Dec 13, 2021

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