You invest $7000 in an investment that compounds annually. If you get 8% annual interest, how much will you have in total in 6 years?

Question

Maurice Frederick

Mathematics

12 May, 15:31

You invest $7000 in an investment that compounds annually. If you get 8% annual interest, how much will you have in total in 6 years?

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Answers (2)

Know the Answer?

Rayna Mccall · Answer 1

Answer:560 is 8% of 7k.

Step-by-step explanation: From the Plutoid federal navy. with love

Ricky Jacobs · Answer 2

Step-by-step explanation:

So, this means that you get 8% of whatever you had last year added on each year.

So, if it is going to be 6 years

we start at end of year 1

7000 + 560 = 7560

end of year 2

7560 + 604.8 = 8164.8

End of year 3

8164.8 + 653.184 = 8,817.984

End of year 4

8,817.984 + 705.43872 = 9,523.42272

End of year 5

9,523.42272 + 761.8738176 = 10,285.2965376

End of year 6

10,285.2965376 + 822.823723008 = 11,108.120260608

Rounded

$11,108.12