SOLUTION: You deposit $500 in an account that pays 8% annual interest that is compounded yearly (once per year). Below is the equation that represents this situation. Use the equation to fin

Algebra ->  Formulas -> SOLUTION: You deposit $500 in an account that pays 8% annual interest that is compounded yearly (once per year). Below is the equation that represents this situation. Use the equation to fin      Log On


   

Question 607598: You deposit $500 in an account that pays 8% annual interest that is compounded yearly (once per year). Below is the equation that represents this situation. Use the equation to find out how much money is in the account after 6 years.
A = 500(1.08)t

Answer by Alan3354(69443) About Me  (Show Source):
You can put this solution on YOUR website!
Use the equation to find out how much money is in the account after 6 years.
A = 500(1.08)t
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It's A+=+500%2A1.08%5Et
t = 6
Now it's just calculator work.