Math Problem Statement
Use the compound interest formula to compute the balance in the following account after the stated period of time, assuming interest is compounded annually. $8000 invested at an APR of 0.3% for 12 years.
Solution
Ask a new question for Free
By Image
Drop file here or Click Here to upload
Math Problem Analysis
Mathematical Concepts
Compound Interest
Exponential Growth
Finance
Formulas
A = P(1 + r/n)^(nt)
Theorems
Compound Interest Formula
Suitable Grade Level
Grades 9-12
Related Recommendation
Compound Interest Calculation for $8000 Invested at 3.9% APR for 23 Years
Compound Interest Calculation for $8,000 Investment at 12% Over 38 and 28 Years
Calculate Compound Interest with Monthly Compounding - $8,000 Invested for 19 Years at 2% APR
Continuous Compounding: Calculate Account Balance and APY
Calculate Accumulated Balance with 1.3% APR Compounded Monthly Over 6 Years