Question

You deposit $52,000 into an account that earns

Answer 1

Answer: $ 128,750.09

Step-by-step explanation:

The formula for calculating the Amount when a sum of money is compounded annually is given as :

$A = P(1+r)^{n}$

where:

$A = amount$

$P = Principal$

$r = rate$

$n = number$ $of$ $years$

From the question given

$A = ?$

$P =$ $52,000

$r =$12% = 0.12

$n= 8$

substituting into the formula , we have

$A = 52000(1+0.12)^{8}$

$A= 52000(1.12)^{8}$

$A = 52000$(2.475963176)

$A= 128750.09$

Therefore , the amount after 8 years will be $ 128,750.09