Question

How much would $500 invested at 8% interest compounded annually be worth after 4 years? Round your answer to the nearest cent.



A. $660.00
B. $680.24
C. $688.56
D. $541.22

Answer 1

Can someone help me understand these problems?

Answer 2

You'd make 40 the first year

Answer 3

43.2 The next

Answer 4

46.656 The 3rd

Answer 5

50.38848 The last

Answer 6

So B 680.24

Answer 7

use the formula, A=P(1+r)^n
where A is the amount accumulated
P is the principal amount
r is the interest rate
n is the number of years
now solve for it

Answer 8

Thanks I worked it backwards from what you said and go it

Answer 9

got how to do it*

Answer 10

Yeah thanks shinalcantara

Answer 11

yw