Lakin invests $7000 in an account that gets 8% apr compounded annually. If she does not make any deposits or withdrawals, how much money will be in the account after 8 years?ñ

$12,956.51

Step-by-step explanation:

The equation for compounding is

So,

7000(1.08)^8

So, the answer should be $12,956.51

6.8%

Step-by-step explanation:

We need to find both percentage so we can determine the increase.

Finding percentage of $10 return: 1% return

Finding percentage of $78 return: 7.8% return

To find the percent increase we do 7.8%-1.0% = 6.8%