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Today at 7:15 AM
Mathematics

Answered

How much would $300 invested at 4% interest compounded monthly be worth after eight years?

Answer :

JiminBang JiminBang

Today at 7:20 AM

Answer:

$412.91

Step-by-step explanation:

A(t) = P(1+r/n)^nt (equation)

A(8) = 300(1+0.04/12)^12(8) (plugging it in)

A(8) = 300(1+0.04/12)^96 (simplifying)

A(8) = 300(1.033)^96 (adding up everything)

A(8) = $412.91 (answer)

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