Answer:
Step-by-step explanation:
We will use the A=P*(1+r/n)^nt formula
P = 160,000
R = the rate 7%
N= the times compounded. Since it is annually it is 1
T = 8 years
Filling in the information...
A = 160,000 x (1 + .07)^1*8
= 160,000 x 1.07^8
= 160,000 x 1.71818617983
= 274909.788773
Round up as needed.
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