Benny invests $960 yearly into an account that pays 8% interest, compounded
1 answer:
Answer:
$2,072.56
Step-by-step explanation:
Compound interest formula is expressed as;
A = P(1+r) ^ n
A = 960(1+0.08) ^ 10
A = 960(1.08)^10
A = 960(2.1589)
A = 2,072.56
Hence the amount in Benny's account after 10 years is $2,072.56
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