Logo
Home Study Material Contact Search
AI Chat FREE
  1. mathematics
  2. basic math
  3. a bank account principal is $8,000 and accumulates

A bank account principal is $8,000 and accumulates yearly interest at 7% interest. Assuming that...

50.1K

Verified Solution

Question

Basic Math

image

A bank account principal is $8,000 and accumulates yearly interest at 7% interest. Assuming that no withdrawals are made, use the compound interest formula to compute the amount in the account after 8 years. If interest is compounded annually, what is the amount of money after t = 8years?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

Yield to Maturity and Required Returns The Brownstone Corporation's bonds have 5 years remaining to maturity....

Accounting
1.2K views

Diego Company manufactures one product that is sold for $75 per unit in two geographic regions—the...

Biology
1.2K views

how to activate a small G protein? how to inactivate a small G protein?

Biology
1.2K views

Please describe the overall mechanism for DNA polymerase function as discussed in class. What is the...

Biology
1.2K views

Why do the populations of invasive species grow so quickly Invasive species keep the ecosystems...

Geometry
1.2K views

Step 3 Use trigonometry to write expressions for the missing lengths Find a and b...

Accounting
1.2K views

La Tour inc is based in france and prepares its financial statments (in euros) in...

Accounting
1.2K views

Tree top Company is a service based company that rents canoes for use on local...

Accounting
1.2K views

The following information is for Hulk Gym's first year of operations. Amounts are in millions...

Accounting
1.2K views

Using the data below and the format found in Exhibit 3.1, create an Income Statement...

Accounting
1.2K views

On October 1, 2021. Santana Rey launched a computer services company called Business Solutions, which...

Finance
1.2K views

You are presented with the following financial report extracts for Rocky Ltd: 2015 2014 2013...