how much would $100 invested at 8% interest compounded annually be worth after 15 years? Round your answer to the nearest cent.

Question

notsponge [240]

3 years ago

6

how much would $100 invested at 8% interest compounded annually be worth after 15 years? Round your answer to the nearest cent.

Do not include units in your answer.

Mathematics

2 answers:

Maslowich · Answer 1 · 2022-06-10T22:00:55+03:00

Maslowich3 years ago

6 0

Answer: $332.01

Step-by-step explanation: APEX

svet-max [94.6K] · Answer 2 · 2022-06-10T20:20:48+03:00

To calculate problems abound about compounding interest use the equation <span>A = P (1 + r/n)^<span>(nt), where A is the future price, P is the principal amount, r is the interest rate, n is the number of times the interest is compounded per year and t for the total years. To solve, A = 100 (1 + 0.08/1)^(1 x 15) = 317.22.</span></span>