Question
Show work . What is the future value of $5,900 invested for 8 years at 7...
Show work .
What is the future value of $5,900 invested for 8 years at 7 percent compounded annually?
Homework Answers
Answer #1
Compound interest formula:
Where,
A = Future value
P = Principal amount invested
i = rate of interest in decimal form(i.e 7% = 0.07)
n = number of years
Therefore,
Therefore, the future value of $5,900 invested for 8 years at 7 percent compounded annually is $10,137.30
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