Compounding annually means that there is one interest payment period per year. So, n = 5...
Compounding annually means that there is one interest payment period per year. So, n = 5 and i = r = 0.08.
Therefore, rounded to the nearest cent,
the final answer is _____________?
Homework Answers
YES, INTEREST PAID ONLY ONCE IN A YEAR. FORMULA APPLIED IS ALSO CORRECT
FV = PV (1+r)n = 1000 (1+0.08)5 = 1000 X 1.4693280768 = 1469.3280768 = 1469.33
FINAL ANSWER : $1469.33
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