Aaron deposits $8,000 into an account that earns 3% interest, compounded Annually. How much money will he have after 4 years
1 answer:
The equation used for this problem is
F = P(1+i)ⁿ
where
F is the future worth
P is the present worth
i is the effective interest rate
n is the number of years
Substituting the values,
F = <span>$8,000(1 + 0.03)</span>⁴
F = $9,004.07
Thus, after 4 years, Aaron will have $9,004.07.
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