Use the compound interest formula to determine the accumulated balance after the stated period. $5000 invested at an APR of 8% for 4 years. If interest is compounded annually, what is the amount of money after 4 years?(Do not round until the final answer. Then round to the nearest cent as needed.)

Use the compound interest formula to determine the accumulated balance after the stated period. $5000 invested at an APR of 8% for 4 years. If interest is compounded annually, what is the amount of money after 4 years?(Do not round until the final answer. Then round to the nearest cent as needed.)

Holt Mcdougal Larson Pre-algebra: Student Edition 2012

1st Edition

ISBN:9780547587776

Author:HOLT MCDOUGAL

Publisher:HOLT MCDOUGAL

ChapterCSR: Contents Of Student Resources

Section: Chapter Questions

Problem 7.36EP

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Use the compound interest formula to determine the accumulated balance after the stated period.

$5000 invested at an APR of 8% for 4 years.

If interest is compounded annually, what is the amount of money after 4 years?(Do not round until the final answer. Then round to the nearest cent as needed.)

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