What will $5,000 invested for 10 years at 8 percent compounded annually grow to? How many years will it take $400 to grow

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#1

What will $5,000 invested for 10 years at 8 percent compounded annually grow to? How many years will it take $400 to grow to $1,671 if it is invested at 10 percent compounded annually? At what rate would $1,000 have to be invested to grow to $4,046 in 10 years?

Answer:

1st solution ; -
P = $5000 ; t = 10 ; n = 1 (compunded annually) ; r = 8% or 0.08
A = P * (1 + r/n) ^ (nt)
A = 5000 * (1 + 0.08/1) ^ (1 * 10)
A = 5000 * (1.08) ^ (10)
A = 5000 * 2.1589
A = $ 10794.50 ( Answer)