Let's make an equation. Since it is increasing by 2%, we will have to multiply the starting value by 1.02 raised to an exponent since it is increasing.
Equation:
[tex] 8*1.02^{6} =y [/tex]
This will be the equation we'll use. We need to solve it.
y=9.01
So, the value by the end of the 6 years will be $9.01.
