Answer:
$20,860.51
Step-by-step explanation:
The multiplier of the investment is e^(rt), where r is the interest rate and t is the time period. In this case, the balance will be ...
A = 5800·e^(0.08·16) = 5800·e^1.28 ≈ 5800·3.5966397 = 20,860.51
You will have about $20,860.51.
