Question

Not sure if I completed this question correctly confused on how I even got this answer.

QUESTION 4 If $30,000 is invested at 10%, how much will it be worth at the end of eight years? $ 160,047 O $343,077 $ 13,995 $ 64,308

Answer 1

Amount invested = $30,000

Interest rate (i) = 10%

Time period (n) = 8 years

Amount after 8 years = Amount invested x (1+i)ⁿ

= 30,000 x (1+0.10)⁸

= 30,000 x (1.10)⁸

= 30,000 x 2.1435888

= $64,308

Fourth option is correct option.

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