Posted by Taylor on .
Sam invested $5000 in a GIC earning 8% compound interest per year. The interest gets added to the amount invested, so the next year Sam gets interest on the interest already earned as well as on the original amount. How much will Sam's investment be worth at the end of 10 years?
Please answer ASAP, thanks.

math 
helper,
how is the interest compounded?
ie, daily, quarterly, semiannually, annually, or ? 
math 
Taylor,
I'm not sure, the question doesn't say anything about that specifically, but I'm guessing it's annually?

math 
helper,
A(t) = P (1 + r/n)^nt
A(10) = 5000 ( 1 + .08/1)^1*10
A(10) = 5000 ( 1.08)^10
A(10) = 5000 ( 2.15892 )
A(10) = 10,794.60
5000 + 10794.60 = 15794.60
I'm not a tutor, but I've done this type
problem here before 
math 
Taylor,
Thank you!

math 
helper,
you're welcome!