Question

How much would $200 invested at 4% interest compounded monthly be worth after 8 years

Answer 1

Total = Principal * (1 + (rate/12))^12 * 8

Total = 200 * (1 + (.04/12)) ^ 96

Total = 200 * (1.0033333333)^96

Total = 200 * 1.3763951148

Total = 275.28

Explanation: