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olchik [2.2K]
2 years ago
14

Jenny invest $1000 at a rate of 12.5% that compounds annually for eight years the future value of the investment can be calculat

ed Hal
Mathematics
1 answer:
artcher [175]2 years ago
5 0

Answer:

\$2,565.78    

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  or Future 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=\$1,000\\ r=12.5\%=12.5/100=0.125\\n=1  

substitute in the formula above

A=1,000(1+\frac{0.125}{1})^{1*8}

A=1,000(1.125)^{8}

A=\$2,565.78      

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