Equation of compound interest:
Here A is the current amount.
P is the principal or initial amount.
r is the annual interest rate expressed as a decimal, r > 0.
n is the number of times the interest is compounded each year, and t is time in years.
(Substitute )
(Divide: )
(Add: )
(Multiply: )
(Use exponent calculator:)
. (Multiply: )
There will be about $ in 8 years.
There will be about $ in 8 years.
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