$8000 invested at an APR of 6% for 10 years.

Mathematics

1 answer:

Olenka [21]3 years ago

4 0

The formula in finding the maturity value is the following:

A = P (1 + r) ^t

Where A = Maturity value

P = principal amount

r = Annual percentage rate

t = time in years

Substituting the given amount to the formula:

A = $8,000 (1 + 6%) ^10

= $8,000 (1.7908)

= $14,326.40

Therefore, the amount of $8,000 after 10 years compounded annually at 6% is $14,326.40

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