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lisabon 2012 [21]
3 years ago
9

If you invest $7000 in an account that pays 6% interest compounded annually, what is the total amount of money that you would ha

ve at the end of 8 years?
Mathematics
1 answer:
blondinia [14]3 years ago
6 0

Answer:

FV= $11,156.94

Step-by-step explanation:

Giving the following information:

Initial investment (PV)= $7,000

Number of periods (n)= 8 years

Interest rate (i)= 6% compounded annually

<u>To calculate the future value (FV), we need to use the following formula:</u>

FV= PV*(1 + i)^n

FV= 7,000*(1.06^8)

FV= $11,156.94

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