SOLUTION: Suppose that you invest$23,000 in an account that earns interest at an APR of 3.2%, compounded annually. Determine the accumulated balance after 8 years.
a) $29,591.39
b) $29,680
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-> SOLUTION: Suppose that you invest$23,000 in an account that earns interest at an APR of 3.2%, compounded annually. Determine the accumulated balance after 8 years.
a) $29,591.39
b) $29,680
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Question 987896: Suppose that you invest$23,000 in an account that earns interest at an APR of 3.2%, compounded annually. Determine the accumulated balance after 8 years.
a) $29,591.39
b) $29,680.07
c) $29,700.19
d) $29,709.98
e) None of these (explain) Answer by solver91311(24713) (Show Source):
Where is the future value, is the initial principal, is the annual interest rate expressed as a decimal, is the number of compounding periods per year, and is the number of years. Plug in your numbers and do the arithmetic.
John
My calculator said it, I believe it, that settles it
