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23 August, 00:38

supposed your friends parents invest $15,000 in an account paying 6% compounded annually. what will the balance be after 8 years

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  1. 23 August, 00:42
    0
    1.06^8=1.59384807453

    15,000 * 1.59384807453 = 23907.721118

    23907.72 dollars (Rounded)
  2. 23 August, 00:56
    0
    Step-by-step explanation:

    Use the Compound Amout formula:

    A = P (1 + r) ^t

    Here, A = the balance after 8 years = $15,000 (1 + 0.06) ^8 = $23,907.72
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