Problema Solution
How much would 500 investrd at 9% intrest compounded annually be worth after 8 years
Answer provided by our tutors
P = $500 the principle
i = 9% or 0.09
t = 8 years
A = the future value
A = P(1 + i)^t
A = 500(1 + 0.09)^8
by solving we find
A = $996.28
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in 8 years $500 will be worth $996.28.