Answered

M = P * (1 + i) ^ r ": P=\$870,1=0.13 , n = 8

Answer :

Question:

Solution:

Consider the following equation:

[tex]M=P(1+i)^n[/tex]

where

P = 870, i = 0.13 and n = 8. Thus, if we replace these data, in the previous equation, we obtain:

[tex]M=870(1+0.13)^8[/tex]

this is equivalent to:

[tex]M=2312.8[/tex]

Thus, the correct solution is:

[tex]M=2312.8[/tex]

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