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View Full Version : To what amount will $5,000 invested for 8 years at 9% compounded annually accumulate?


cbanger
May 28, 2013, 12:40 PM
To what amount will $5,000 invested for 8 years at 9% compounded annually accumulate?

ebaines
May 28, 2013, 01:37 PM
Memorize and use this formula for compound interest:


FV = PV(1+i)^t


For your problem PV = present value = $5000, i = interest rate = 0.09, and t = 8. What do you get for the future value?