Find the future value and interest earned if $8706.54 is invested for 8 years at 6%

Question

Find the future value and interest earned if $8706.54 is invested for 8 years at 6%

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Ayla 2 weeks 2021-11-21T15:02:37+00:00 1 Answer 0

Answers ( )

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    2021-11-21T15:04:02+00:00

    Answer:

    Flat 12,885.68

    Compound 13,876.90

    Step-by-step explanation:

    Flat rate (6% of only the amount you invested originally per year (based on investment) –

    (8706.54*.06)*8+8706.54=12885.68 (rounded)

    Compound interest (6% interest on total money earned per year(based on amount invested previous year).)

    (((((((8706.54*1.06)*1.06)*1.06)*1.06)*1.06)*1.06)*1.06)*1.06)=13,876.90

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