On january 1, 2016, you deposited $8,000 in a savings account. the account will earn 8 percent annual compound interest, which will be added to the fund balance at the end of each year. required: 1. what will be the balance in the savings account at the end of 10 years?

The final value is $17,271.40

Explanation:

Giving the following information:

On January 1, 2016, you deposited $8,000 in a savings account. The account will earn an 8 percent annual compound interest, which will be added to the fund balance at the end of each year.

To calculate the final value we need to use the following formula:

Final Value= Present Value*(1+i)^n

PV= 8,000

i= 0.08

n=10

FV= 8,000*(1+0.08)^10= $17,271.40

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