Ted william made deposits of $500 at the end of each year for eight years the rate is 8% compounded annually what's the value of teds annuity at the end of eight years

Compounded amount after 8 years will be $925.47

Step-by-step explanation:

Ted deposited the amount = $500

Rate of interest = 8% compounded annually.

Time of period for investment = 8 years

By the formula of compound interest,

Where C = compounded amount

P = Principal amount

r = rate of interest

t = Period of investment

n = number of times compounded in a year

C = 500×1.8509

C = 925.47

Therefore, compounded amount after 8 years will be $925.47