What is the resulting balance of $3,500 at 4% compounded annually for 8 years?
1 answer:
Answer:
<h3>$4,789.99</h3>
Step-by-step explanation:
Using the formula for calculating the compound interest
A = P(1+r)^t
P is the principal = $3500
r is the rate = 4% = 0.04
T is the time = 8 years
Substitute
A = 3500(1+0.04)^8
A = 3500(1.04)^8
A = 3500(1.3686)
A = 4,789.99
Hence the resulting balance is $4,789.99
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Hello, I'm from Indonesia. I hope that answer your question.
