If Monica invests $15,750 at 8 percent annual interest,how much would she have after eight years?
A)$29,152.15
B)$17,010.08
C)$32,354.22
D)$39,678.92

Question

Quizplus · Accepted Answer

To find the future value of an investment, you can use the formula for compound interest: A = P(1 + r/n)^(nt), where A is the amount of money accumulated after n years, including interest, P is the principal amount (the initial amount of money), r is the annual interest rate (decimal), n is the number of times that interest is compounded per year, and t is the time the money is invested for in years. Since the question doesn't specify the compounding period, we'll assume it's compounded annually (n=1). Therefore, A = $15,750(1 + 0.08/1)^(1*8) = $15,750(1.08)^8 ≈ $29,152.15.

If Monica Invests $15,750 at 8 Percent Annual Interest,how Much