How much would $300 invested at 4% interest compounded monthly beworth after 8 years? Round your answer to the nearest cent.

Mattruma asked Jun 22, 2023

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34 votes

Mattruma asked Jun 22, 2023

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4 votes

Substitute P = 300, r = 4% = 0.04, n =12, and t = 8 into the formula:

$A(8)=300\left(1+(0.04)/(12)\right)^(8*12)\approx412.92$

Therefore, the correct answer is choice D:

$412.92

Vinay Pandya answered Jun 28, 2023

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