SOLUTION: if interest is compounded annually how much is $1000 worth in 8 years at 8%. indicate the formula also. please help im not sure which formula to use. thanks

Question 286782: if interest is compounded annually how much is $1000 worth in 8 years at 8%. indicate the formula also. please help im not sure which formula to use. thanks
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
if interest is compounded annually how much is $1000 worth in 8 years at 8%. indicate the formula also. please help im not sure which formula to use. thanks
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A(t) = P(1+(r/n))^(nt)
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A(8) = 1000(1+(0.08/1))^(1*8)
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A(8) = 1000(1.08)^8
A(8) = 1000*1.85093
A(8) = $1850.93
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Cheers,
Stan H.

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