Question 117554: T=p(1+r)^t
9 1/2=8000(1+8%)^9 1/2
Answer by Fombitz(32388)   (Show Source):
You can put this solution on YOUR website! I think you're trying to set up a Future Value problem.
for a prinicipal, p, at rate, r, for t periods.
The capital T and small t are not the same.
Usually its written like this,
where FV is the future value of an investment.
Your example then becomes
and simplifying
So, if you invest $8,000 at a rate of 8%, in 9 1/2 years, the investment will be worth $16,619.41.
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