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31-03-2020
Mathematics

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Lakin invests $7000 in an account that gets 8% apr compounded annually. If she does not make any deposits or withdrawals, how much money will be in the account after 8 years?ñ

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LunaTheCat LunaTheCat

31-03-2020

Answer:

$12,956.51

Step-by-step explanation:

The equation for compounding is [tex]P=A(1+r/n)^{nt}[/tex]

So, [tex]7000(1+.08/1)^{1*8}[/tex]

7000(1.08)^8

So, the answer should be $12,956.51

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