1 answer:
Answer:
Use this equation: Amount after years=Initial investment*(1+Interest rate/time compounded yearly)^number of years*times compounded yearly
So A=25,000(1+.095/1)^8*1
Simplify
A=25000(1.095)^8
Simplify
A=25000(2.07)
Solve
A=$51,671.73
This equation can be used for all problems of this type.
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Step-by-step explanation:
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Step-by-step explanation:
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