how much would $500 invested at 8% interest compounded annually be worth after 4 years? round to the nearest cent. A (t) = P (1+r/n) ^nt

Question

Mathematics

Oswaldo Mclean

10 March, 18:07

how much would $500 invested at 8% interest compounded annually be worth after 4 years? round to the nearest cent. A (t) = P (1+r/n) ^nt

+5

Answers (2)

Know the Answer?

Brody Dean · Answer 1

Step-by-step explanation

Amount invested = $500

Interest rate = 8%

Duration = 4 years

Therefore total compounded amount after each =

500/100 x 8/1

= 5 x 8 = 40

Multiply by duration of 4 years

= 40 x 4 = $160

Round to nearest Cent

= 100 cents = $1

Therefore $160 = 100 cents x 160

= 16, 000 Cents

Alannah Byrd · Answer 2

Answer: 680.24

Step-by-step explanation:

500 divided by 100 is 5. multiply 5 by 8 you get 40. add 40 to 500 you get 540.

540:100=5.4 5.4*8=43.2 540+43.2=583.2

583.2:100=5.83 5.83*8=46.66 583.2+46.66=629.85

629.85:100=6.30 6.30*8=50.39 629.85+50.39=680.24