You deposit 200 in an investment account that earns 4.5% annual interest compounded annually. You make no additional deposits or withdrawals. What is the balance of this account after 8 years?

Solução

Solução

Amount : 284.42

Passos da solução

Translate the problem into an equation:

A = 200 (1 + \frac{0.045}{1})^{1 \cdot 8}

200 (1 + \frac{0.045}{1})^{1 \cdot 8} = 284.42012 \dots

Round to the nearest hundredth:

284.42

Amount : 284.42

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