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Popular >

you invest 500 dollars at an 8% annual interest rate, if it is compounded annually how much is your investment worth after 4 years

Solution

you invest 500 dollars at an 8% annual interest rate, if it is compounded annually how much is your investment worth after 4 years

Solution

Amount : 680.24

Solution steps

Translate the problem into an equation:

A = 500 (1 + \frac{0.08}{1})^{1 \cdot 4}

500 (1 + \frac{0.08}{1})^{1 \cdot 4} = 680.24448

Round to the nearest hundredth:

680.24

Amount : 680.24

Popular Examples

one number is two more than another. Their sum is fourteen. Find both numbers Darren invests 4, 500 into an account that earns 5% annual interest. How much will be in the account after 10 years if the interest rate is compounded annually 35/12 as number The sum of a number and eighteen.What are the future value and the interest earned if 3000 IS INVESTED FOR 5 YEARS AT 8% compound quarterly ? Round to the nearest cent. What would the future value be?