Answer:
A = $14,745.544
Step-by-step explanation:
The equation for compound interest is
A = P (1+i)t
A = final value
P = amount invested (principal) (10000)
i = interest rate, expressed as a decimal (.05)
t = number of years invested (8)
This formula assumes annual compounding.
Plugging in what we know.
A = 10000(1.05)^8
A = 10000 (1.47745544)
A = $14,745.544
