Answer:
Explanation:
To calculate the future value of the investment, we can use the formula:
FV = P * (1 + r/n)^(n*t)
where:
P = the principal amount ($1300 in this case)
r = the annual interest rate expressed as a decimal (8% = 0.08)
n = the number of times the interest is compounded per year (12 for monthly compounding)
t = the number of years of the investment (10 years in this case)
Plugging in the values, we get:
FV = $1300 * (1 + 0.08/12)^(12*10)
FV = $1300 * (1.00666667)^(120)
FV = $1300 * 1.115969
FV = $1,464.75
Therefore, the future value of the investment after 10 years at an APR of 8% compounded monthly would be $1,464.75.