Suppose you invest 16000 at 9% interest and that it is compounded daily. How much will you have in 8 years?

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asked Sep 14, 2020 179k views

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Cyfdecyf · Answer 1 · 2020-09-19T01:37:08+0000

Answer:

Compound interest is calculated by multiplying the initial principal amount by one plus the annual interest rate raised to the number of compound periods minus one.

Explanation:

Suppose you invest 16000 at 9% interest and that it is compounded daily. How much will you have in 8 years?

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