**EXPERT ANSWER**

# Use the compound interest formula to compute the balance in the following account after the stated period of time, assuming interest is compounded annually. $8000 invested at an APR of 4.9% for 22 years. The balance in the account after 22 years is $ (Round to the nearest cent as needed.) Use the appropriate compound interest formula to compute the balance in the account after the stated period of time $2,000 is invested for 14 years with an APR of 5% and monthly compounding. The balance in the account after 14 years is $ (Round to the nearest cent as needed.)

Get full Expert solution in seconds

**$1.97** ONLY