To solve this problem, we can use the formula for compound interest, which is:

A = P (1 + r/n) ^ nt

Where:
A = the amount of money accumulated after n years, including interest.
P = the principal amount (the initial amount of money)
r = annual interest rate (in decimal)
n = number of times that interest is compounded per year
t = time the money is invested for in years

In this case, the principal amount (P) is $500, the annual interest rate (r) is 8% or 0.08 (in decimal), the number of times that interest is compounded per year (n) is 1 (since it's compounded annually), and the time the money is invested for in years (t) is 4 years.

Substituting these values into the formula, we get:

A = 500 (1 + 0.08/1) ^ (1*4)
A = 500 (1 + 0.08) ^ 4
A = 500 (1.08) ^ 4
A = 500 * 1.36049
A = $680.24

So, the answer is D. $680.24.

Question

To solve this problem, we can use the formula for compound interest, which is:

A = P (1 + r/n) ^ nt

Where:
A = the amount of money accumulated after n years, including interest.
P = the principal amount (the initial amount of money)
r = annual interest rate (in decimal)
n = number of times that interest is compounded per year
t = time the money is invested for in years

In this case, the principal amount (P) is $500, the annual interest rate (r) is 8% or 0.08 (in decimal), the number of times that interest is compounded per year (n) is 1 (since it's compounded annually), and the time the money is invested for in years (t) is 4 years.

Substituting these values into the formula, we get:

A = 500 (1 + 0.08/1) ^ (1*4)
A = 500 (1 + 0.08) ^ 4
A = 500 (1.08) ^ 4
A = 500 * 1.36049
A = $680.24

So, the answer is D. $680.24.

Knowee AI · Accepted Answer

To solve this problem, we can use the formula for compound interest, which is:

A = P (1 + r/n) ^ nt

Where:
A = the amount of money accumulated after n years, including interest.
P = the principal amount (the initial amount of money)
r = annual interest rate (in decimal)
n = number of times that interest is compounded per year
t = time the money is invested for in years

In this case, the principal amount (P) is $500, the annual interest rate (r) is 8% or 0.08 (in decimal), the number of times that interest is compounded per year (n) is 1 (since it's compounded annually), and the time the money is invested for in years (t) is 4 years.

Substituting these values into the formula, we get:

A = 500 (1 + 0.08/1) ^ (1*4)
A = 500 (1 + 0.08) ^ 4
A = 500 (1.08) ^ 4
A = 500 * 1.36049
A = $680.24

So, the answer is D. $680.24.

Question 8 of 10How much would $500 invested at 8% interest compounded annually be worth after 4 years? Round your answer to the nearest cent.A.$541.22B.$688.56C.$660.00D.$680.24

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