Question

You deposit $1000 each year into an account earning 8% interest compounded annually. How much will you have in the account in 35 years?

Answer 1

$A=P(1+ \frac{r}{n})^{nt}$
A=end amount
P=present amount
r=rate in decimal
n=number of times per yaer compounded
t=time in years


given
P=1000
r=0.08
n=1
t=35


$A=1000(1+ \frac{0.08}{1})^{(1)(35)}$
$A=1000(1+ 0.08)^{35}$
$A=1000(1.08)^{35}$
A=14785.344
roud

about $14785.34