SOLUTION: Find the amount that results from the investment. $1,000 invested at 9% compounded annually after a period of 8 years a. $1828.04 b. $1992.56 c. $2171.89 d.

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: Find the amount that results from the investment. $1,000 invested at 9% compounded annually after a period of 8 years a. $1828.04 b. $1992.56 c. $2171.89 d.       Log On

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Question 1004303: Find the amount that results from the investment.
$1,000 invested at 9% compounded annually after a period of 8 years
a. $1828.04
b. $1992.56
c. $2171.89
d. $992.56
Answer by fractalier(6550) About Me  (Show Source):
You can put this solution on YOUR website!
You would calculate
A(t) = P(1+r)^t so that
A(8) = 1000(1.09)^8 = $1992.56
Choice B.