Colton opened a savings account and deposited $1,000.00 as principal. The account earns 11% interest, compounded annually. What
is the balance after 8 years? Round your answer to the nearest cent.
1 answer:
Answer:
$2304.5
Step-by-step explanation:
The balance after 8years=P(1+R/100)^t
=1000(1+11/100)^8
=$2304.5
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