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OpenStudy (anonymous):
$850 at 8% for 8 years, compounded annually.
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OpenStudy (jjuden):
first you find out what the interest is
OpenStudy (anonymous):
850(0.08)^8
OpenStudy (jjuden):
850*.08=68
OpenStudy (jjuden):
68*8=544 interest
OpenStudy (anonymous):
the options are 523.29 723.29 623.29
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OpenStudy (anonymous):
thats why I'm confused because i got the same answer
OpenStudy (anonymous):
M=$(1+%)^time M=850(1+0.08)^8 M=850(1.08)^8 M=850x9.44 M=8024
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