Find the investment value when compounded anually.
P = $120,000, r= 5.3%, t = 8 yr​

Given:

To find:

The value of the investment when the interest is compounded annually.

Solution:

The formula for amount is:

Where, P is the principal, r is the rate of interest in decimal, n is the number of time interest compounded in an years, and t is the number of years.

The interest is compounded annually. So, .

Substituting in the above formula, we get

Therefore, the value of the investment after 8 years is $181,387.86.

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step-by-step explanation: