SOLUTION: Please help -Find the balance in an account after 8 years if $500 is invested at 7% interest compounded annually.
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Question 854925: Please help -Find the balance in an account after 8 years if $500 is invested at 7% interest compounded annually.
Found 2 solutions by checkley79, rothauserc:
Answer by checkley79(3341) (Show Source): You can put this solution on YOUR website!
500(1+.07)^8
500(1.07)^8
500*1.718=$859.09 ans.
Answer by rothauserc(4718) (Show Source): You can put this solution on YOUR website!
FV = PV(1+(r/n))^nt where FV is future value, pv is present value, r is
annual interest rate, n is number of periods, t is years
FV = 500(1+.07/1))^1*8
FV = 500(1.07)^8
FV = $859.09
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