An investor puts ​$700 in an account that pays 2​% interest compounded annually. Find the account balance after 8 years.

amount = pricipal(1 + i)^n

for your case i = .02

take over

Can you just show me the formula I can figure out the rest.

OK thank you!

THATS WRONG

To find the account balance after 8 years, we can use the formula for compound interest:

A = P(1 + r/n)^(nt)

Where:
A = the future account balance
P = the principal amount (initial investment)
r = the annual interest rate (as a decimal)
n = the number of times interest is compounded per year
t = the number of years

In this case:
P = $700
r = 2% = 0.02 (as a decimal)
n = 1 (compounded annually)
t = 8 years

Plug the values into the formula:

A = 700(1 + 0.02/1)^(1*8)
A = 700(1 + 0.02)^8
A = 700(1.02)^8

Now calculate the future account balance using a calculator or software:

A ≈ $786.44

Therefore, the account balance after 8 years will be approximately $786.44.