Answer:
Step-by-step explanation:
So, this means that you get 8% of whatever you had last year added on each year.
So, if it is going to be 6 years
we start at end of year 1
7000 +560 = 7560
end of year 2
7560 + 604.8 = 8164.8
End of year 3
8164.8 + 653.184 = 8,817.984
End of year 4
8,817.984 + 705.43872 = 9,523.42272
End of year 5
9,523.42272 + 761.8738176 = 10,285.2965376
End of year 6
10,285.2965376 + 822.823723008 = 11,108.120260608
Rounded
$11,108.12
