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You deposit 170 in an investment account that earns 6% annual interest compounded annually.What is the balance of the account after 8 years?

Solution

You deposit 170 in an investment account that earns 6% annual interest compounded annually.What is the balance of the account after 8 years?

Solution

Amount : 270.95

Solution steps

Translate the problem into an equation:

A = 170 (1 + \frac{0.06}{1})^{1 \cdot 8}

170 (1 + \frac{0.06}{1})^{1 \cdot 8} = 270.95417 \dots

Round to the nearest hundredth:

270.95

Amount : 270.95

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