$3,500 at 4% compounded annually for 8 years

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asked Jun 28, 2018 121k views

2 Answers

IT Man · Answer 1 · 2018-07-04T01:04:19+0000

$3,500 at 4% compounded annually for 8 years

To find multiplier: 4%+1=1.04

3500 x (1.04)^8

^8 because there are eight years :)

3500 x (1.04)^8= 4789.99167642

To 2dp, this would be $4789.99

Hope this helps xox :)

$3,500 at 4% compounded annually for 8 years

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