SOLUTION: Stu deposits $1400 in a savings account that pays 6% interest. How much money will he have after 8 years?

Question 614070: Stu deposits $1400 in a savings account that pays 6% interest. How much money will he have after 8 years?
Answer by nerdybill(7384) (Show Source): You can put this solution on YOUR website!
Stu deposits $1400 in a savings account that pays 6% interest. How much money will he have after 8 years?
.
Interest formula:
A = P(1+r)^t
where
A is amount after time t (what we're looking for)
P is the principal (1400)
r is the rate (.06)
t is time (8)
.
A = 1400(1+.06)^8
A = 1400(1.06)^8
A = 1400(1.5938)
A = $2231.39

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