Ms. Montgomery invested ]$800 at 8% simple interest at the beginning of each year for a period of ten years. Find the total accumulated value of all the investments at the end of the 10-year period.

Guest Apr 22, 2022

#1**0 **

The formula for compounded interest annually is P(1+r)^y where P = the initial investment, r = interest rate (decimal), and y = number of years. So in this case, plugging in the values given -> 800(1+0.08)^10 = 1727.14. This is the amount of money Ms. Montgomery has after 10 years (her initial investment is included).

SecretSquirrel3 Apr 22, 2022