Compound interest is given by the formula A = P(1 + r). Where A is the balance in the account after t years, and P is the starting principal invested at an annual percentage
rate of r, expressed as a decimal.
Danny invested $8400 in a savings account that pays 6% interest compounded annually
and plans to leave it there for 8 years. Determine Danny's ending balance after 8 years.
in his savings account.
After 8 years, Danny will have a balance of $
Round your answer to the nearest cent.