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) About Me  (Show Source):
You can put this solution on YOUR website!
In General A%28t%29+=+P%281%2Br%2Fn%29%5E%28nt%29
A = Accumulated Amount
P= principal = $1500
r= annual rate = .08
n= periods per year = 1
t= years = 5
......
A%285%29+=+1500%281.08%29%5E%285%29 = $2,203.99