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

Algebra ->  Exponents -> 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       Log On


   

Question 1034020: 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!
We use
A%28t%29+=+A%5B0%5D%281+%2B+r%29%5Et
Plugging in we get
A%288%29+=+1000%281+%2B+.09%29%5E8 =
$1992.56
Choice B.