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olasank [31]
3 years ago
7

suppose your friends parents invest $15000 in an account paying 6% compounded annually. what will the balance be after 8 years

Mathematics
1 answer:
Maurinko [17]3 years ago
6 0

Answer:

$23,907.72

Step-by-step explanation:

Lets use the compound interest formula to solve:

A=P(1+\frac{r}{n} )^{nt}

<em>P = initial balance</em>

<em>r = interest rate (decimal)</em>

<em>n = number of times compounded annually</em>

<em>t = time</em>

<em />

First, lets change 6% into a decimal:

6% -> \frac{6}{100} -> 0.06

Next, plug the values into the equation:

A=15,000(1+\frac{0.06}{1})^{1(8)}

A=23,907.72

The balance after 8 years will be $23,907.72

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