Question

Sean puts $600.00 into an account to use for school expenses. The account earns 8%

Answer 1

Answer:

$A=\ 1,110.56}$  

Step-by-step explanation:

we know that    

The compound interest formula is equal to  

$A=P(1+\frac{r}{n})^{nt}$  

where  

A is the Final Investment Value  

P is the Principal amount of money to be invested  

r is the rate of interest  in decimal

t is Number of Time Periods  

n is the number of times interest is compounded per year

in this problem we have  

$t=8\ years\\ P=\ 600.00\\ r=8\%=8/100=0.08\\n=1$  

substitute in the formula above

$A=600(1+\frac{0.08}{1})^{1*8}$  

$A=600(1.08)^{8}$  

$A=\ 1,110.56}$