Question

How much would $125 invested at 8% interest compounded annually be worth after 14 years? Round your answer to the nearest cent. Do not include units in your answer.

Answer 1

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Answer 2

How much would $125 invested at 8% interest compounded annually be worth after 14 years?
Do u know the formula for compound interest?

Answer 3

\[A = P (1+r)^n\]
Where A is the amount, P is the principle, r is the interest rate, n is the number of period invested.
So, put P = 125, r=8%(that is 0.08) and n = 14 into the formula.
\[A = 125 (1+0.08)^{14} = ...?\]