Question

supposed your friends parents invest $15,000 in an account paying 6% compounded annually. what will the balance be after 8 years

Answer 1

Answer:

Step-by-step explanation:

Use the Compound Amout formula:

A = P(1 + r)^t

Here, A = the balance after 8 years = $15,000(1 + 0.06)^8 = $23,907.72

Answer 2

Answer:

1.06^8=1.59384807453

15,000 * 1.59384807453 = 23907.721118

23907.72 dollars (Rounded)