Answer:
The amount is $2,742.118
Explanation:
Given the principal amount (P) is $1600
Rate of interest (r) = 8 years
Time (n) = 7 years
Compound interest is calculated by the formula,
[tex]A=P\left(1+\frac{r}{100}\right)^{n}[/tex]
Substituting the values,
[tex]A=1600(1+\frac{8}{100})^{7}[/tex]
[tex]A=1600 \times \left(\frac{108}{100}\right)^{7}[/tex]
A = $2,742.118
Therefore, the amount is $2,742.118
