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2 months ago

If a person invests $120 at 8% annual interest, find the approximate value of the investment at the end of 5 years.

Mathematics

2 answers:

Zina [12.3K]2 months ago

3 0

Using the formula:

120(1+.08)^5

Results in:

approximately 176.3193692 dollars

lawyer [12.5K]2 months ago

3 0

Not certain if you are seeking simple interest or compound interest

If it's simple, then refer to AAAAAAAAAA
If it's compound, check BBBBBBBB

AAAAAAAAAA
simple interest
I=PRT
interest=I
P=principal=amount invested
R=rate expressed as a decimal
t=time in years

Given
P=120
R=8%=0.08
t=5
Thus,
I=(120)(0.08)(5)=48
Total investment, consisting of interest plus principal, is 48+120=$168

BBBBBBBBBBBBB
For compound interest calculated yearly
$A=P(1+r)^t$
A=final amount
P=principal
r=rate expressed as a decimal
t=time in years

Given
P=120
r=8%=0.08
t=5

$A=120(1+0.08)^5$
$A=120(1.08)^5$
Calculate using a calculator
A=176.319
Rounded to the nearest cent,
A=$176.32

Therefore,
if using simple interest, the investment totals $168
if using compound interest, the investment totals $176.32

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