Aaron deposits $8,000 into an account that earns 3% interest, compounded annually. how much money will he have after 4 years
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The equation used for this problem is

F = P(1+i)ⁿ
where
F is the future worth
P is the present worth
i is the effective interest rate
n is the number of years

Substituting the values,

F = $8,000(1 + 0.03)⁴
F = $9,004.07

Thus, after 4 years, Aaron will have $9,004.07.