Is it compounded monthly, weekly, yearly, or continuously?
Step-by-step explanation:
then the formula would be P=A/(1+r/n)^tn where r is interest rate as a decimal, A is the initial value, t is the time and n is the number of times compounded in a unit 't'. Plugging in the values, we would get 1000/(1+.05/1)^8(1)=$1477.46
