Question

If you deposit $6000 into an account paying 8% annual interest compounded monthly, how much money will be in the account after 7 years?

Answer 1

$10278

Explanation:

Given data

P= $6000

R= 8%

T= 7 years

The compound interest formula is

A=P(1+r)^t

substitute

A=6000(1+0.08)^7

A=6000(1.08)^7

A=6000*1.713

A=$10278