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An investor puts $600 in an account that pays 4% interest compounded annually. Find the account balance after 8 years The account bala

Home/Math/An investor puts $600 in an account that pays 4% interest compounded annually. Find the account balance after 8 years The account bala

An investor puts $600 in an account that pays 4% interest compounded annually. Find the account balance after 8 years The account bala

Question

An investor puts $600 in an account that pays 4% interest compounded annually. Find the account balance after 8 years
The account balance after 8 years is about
(Round to the nearest dollar as needed.)

## Answers ( )

Answer:$821.14

Step-by-step explanation:To solve this problem, lets use the compound interest formula:

P = initial balancer = interest rate (decimal)n = number of times compounded annuallyt = timeThe first step is to change 4% into a decimal:4% -> -> 0.04

Next, lets plug in the values:The account balance after 8 years will be $821.14