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.)

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Ella 4 weeks 2022-01-01T14:52:21+00:00 1 Answer 0 views 0

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    2022-01-01T14:54:07+00:00

    Answer:

    $821.14

    Step-by-step explanation:

    To solve this problem, lets use the compound interest formula:

    A=P(1+\frac{r}{n} )^{nt}

    P = initial balance

    r = interest rate (decimal)

    n = number of times compounded annually

    t = time

    The first step is to change 4% into a decimal:

    4% -> \frac{4}{100} -> 0.04

    Next, lets plug in the values:

    A=600(1+\frac{0.04}{1})^{1(8)}

    A=821.14

    The account balance after 8 years will be $821.14

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45:7+7-4:2-5:5*4+35:2 =? ( )