Ask Experts Questions for FREE Help !
Ask
    cbanger's Avatar
    cbanger Posts: 2, Reputation: 1
    New Member
    		  
    #1

    May 28, 2013, 12:40 PM
    To what amount will $5,000 invested for 8 years at 9% compounded annually accumulate?
    To what amount will $5,000 invested for 8 years at 9% compounded annually accumulate?
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
    Expert
    		  
    #2

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



    For your problem PV = present value = $5000, i = interest rate = 0.09, and t = 8. What do you get for the future value?
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

4,800 invested for 10 years at 9% compounded annually will accumulate to [ 3 Answers ]

4,800 invested for 10 years at 9% compounded annually will accumulate to

Deposit $2,000 annually for 30 years how much will I have at end of period [ 1 Answers ]

Hal Thomas, a 25 -year-old college graduate, wishes to retire at age 65. To supplement other sources of retiremetn income, he can deposit $2,000 Each year into a tax-deferred individual retiremetn arrangement (IRA). The IRA will Earn a 10% return over the next 40...

What is $5000 compounded annually at 6% for 5 years? [ 1 Answers ]

What is $5000 compounded annually at 6% for 5 years?

Compounding quarterly, compounded continuously and compounded annually [ 3 Answers ]

I'm trying to figure out how to do these problems and I can't get the right answers. I would really appreciate any help. 1. Assume that I deposit $1250 today into an account that pays 10% p.a. but with quarterly compounding. How much will be in my account exactly 35 years from today? 2....

If a goal is to accumulate $250,000 in account how many years will it take to reach? [ 3 Answers ]

John Roberts has $42,180.53 in a brokerage account, and he plans to contribute an additional $5,000 to the account at the end of every year. The brokerage account has an expected annual return of 12 percent. If John’s goal is to accumulate $250,000 in the account, how many years will it take for...

View more questions Search