A bank account principal is $8,000 and accumulates yearly interest at 7% interest. Assuming that no withdrawals are made, use

Question

A bank account principal is $8,000 and accumulates yearly interest at 7% interest. Assuming that no withdrawals are made, use the compound interest formula to compute the amount in the account after 8 years. 
If interest is compounded annually, what is the amount of money after t = 8
years?

Kunduz · Accepted Answer

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