If you start with $4,000 today, approximately how much will you have in 8 years if you can earn 8% each year?

Question

Quizplus · Accepted Answer

To find the future value of an investment, you can use the formula for compound interest: $FV = PV(1 + r)^n$, where FV is the future value, PV is the present value, r is the annual interest rate (as a decimal), and n is the number of years. Plugging in the given values: $FV = 4000(1 + 0.08)^8$, which approximately equals $7,404.

If You Start with $4,000 Today, Approximately How Much Will