$54,842.38 after 9 years. For the first 2 years you do not earn any interest so you get the $32,000. Then $32,000 x 0.08 = $2.560 + $32,000 = $34.560 x 0.08 = $2,764.80 + $34.560 = $37,324.80 x 0.08 = $2,985.984 = $40,310.784 x 0.08 = $3,224.86272 + $40,310.784 = $43,535.64672 x 0.08 = $3,482.8517376 + $43.535.64672 = $47,018.4984576 x 0.08 = $3,761.479876608 + $47,018.4984576 = $50,779.978334208 x 0.08 = 4,062.39826673664 + $50,779.978334208 = $54,842.37660094464 rounded is $54,842.38
