Find the amount to which 800 will grow under each of these conditions:8% compounded annually for 10 years. Do not round intermediate calculations. Round your answer to the nearest cent.

Solution

Solution

Amount : 1727.14

Solution steps

Translate the problem into an equation:

A = 800 (1 + \frac{0.08}{1})^{1 \cdot 10}

800 (1 + \frac{0.08}{1})^{1 \cdot 10} = 1727.13999 \dots

Round to the nearest hundredth:

1727.14

Amount : 1727.14

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