2. Sally Medavoy will invest $8,000 a year for 3 years in a fund that will earn 10% annual interest. If the first payment into the fund occurs today, what amount will be in the fund in 3 years

$10,746

Explanation:

Using Compound interest formula

A= p(1+r/n) *nt

A= final amount =?

P= initial principal =$8, 000

r = interest rate = 0.1

n= nob of times interest applied(3)

t=nob of times period elapsed (3)

A = 8,000 (1+0.1/3) *9

A = 8000 (3+0.1/3) *9

A= 8000 (3.1/3) *9

A = 8000 (1.0333) *9

A = 8000 × 1.34327

A= $10,746

Financial aid is money to help pay for college or career school. Grants, work-study, loans, and scholarships help make college or career school affordable.

Explanation:

State governments offer grants, scholarships, work-study funds, state loans, and tuition assistance. You can learn more about the financial aid for your particular state by contacting your state's financial aid agency. The financial aid counselor at your school may also have information about state programs.