Anonymous
Anonymous asked in Education & ReferenceHomework Help · 1 month ago

How do I solve this?

Suppose your​ friend's parents invest $ 15,000 in an account paying 6% compounded annually. What will the balance be after 8 ​years?

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  • 1 month ago
    Favorite Answer

    a = p(1 + r)^n

    a = 15,000(1 + .06)⁸

    a = $23,907.72 <–––––––

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  • 1 month ago

    a=p-(1+r/100)^n

    a=15000*(1+6/100)^8

    a=15000*1.06^8

    well you have the answer.

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  • 1 month ago

    before or after tax ?? {That is an accounting "joke."}

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  • Joe
    Lv 4
    1 month ago

    take 6 percent of it and throw it on top at the end of the year take the new number and take 6 percent of that and throw it on top, do this 8 times total

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