Focus Question: How do you determine whether a real-world context should be
1 answer:
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Answer:
$2,895.19
Step-by-step explanation:
You are going to want to use the compound interest formula, which is shown below.
<em>P = initial balance </em>
<em>r = interest rate </em>
<em>n = number of times compounded annually </em>
<em>t = time </em>
First, change 8% into its decimal form:
8% -> -> 0.08
Now lets plug in the values into the equation:
The final amount for this investment is $2,895.19