coolkid021905
coolkid021905 coolkid021905
  • 11-02-2019
  • Mathematics
contestada

Suppose your​ friend's parents invest $25,000 in an account paying 5% compounded annually. What will the balance be after 8 ​years?

Respuesta :

oliv101
oliv101 oliv101
  • 11-02-2019

Answer:

so im pretty sure the answer would be 17,237

Step-by-step explanation:

A = P(1 + i)n   where A is the total amount after n years at a compound interest rate of i.

A = 25,000*(1 + 0.06)9    = 25,000 * 1.69 = $42,237

Therefore total amount accruing =  $42,237 ;and the compounded interest after 9 years = 42,237 - 25,000 = $17,237

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