SOLUTION: Spencer invests $1,500 at a rate of 8%, compounded annually. How much money, rounded to the nearest cent, will be in Spencer's account at the end of 5 years?
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Question 938095: Spencer invests $1,500 at a rate of 8%, compounded annually. How much money, rounded to the nearest cent, will be in Spencer's account at the end of 5 years?
Answer by ewatrrr(24785) (Show Source): You can put this solution on YOUR website!
In General
A = Accumulated Amount
P= principal = $1500
r= annual rate = .08
n= periods per year = 1
t= years = 5
......
= $2,203.99
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