DaylenH629600 DaylenH629600

30-10-2022
Mathematics

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what is the balance of $100 with an annual compound interest of 8% for 40 years?

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DamascusX50092 DamascusX50092

30-10-2022

[tex]\begin{gathered} A=\lbrack p(1+\frac{r}{100})^{n\rbrack} \\ =\lbrack100(1+\frac{8}{100})^{40\rbrack} \\ =100(1.08)^{40} \\ =100\times21.72 \\ =2172 \end{gathered}[/tex]

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