Answer:
$154,763.5
Step-by-step explanation:
A = P(1 + r/n)^nt
Where,
A = future value
P = present value
r = interest rate
n = number of periods
t = time (years)
P = 97,000
r = 6% = 0.06
n = 365
t = 8 years
A = P(1 + r/n)^nt
= 97,000(1 + 0.06/365)^365*8
= 97,000(1 + 0.00016)^2,920
= 97,000(1.00016)^2,920
= 97,000(1.5955)
= 154,763.5
A = $154,763.5
