Question

Autumn invested 2800 in a account paying an interest rate of 6.2% compounded monthly.Assuming no deposits or withdrawals are made how much money to the nearest ten dollars would be in the account after 8years

Answer 1

4530.55

Explanation:

2800 x 6.2% = 173.6

2800 + 173.6 = 3157.96

repeat this step 8 times because you need to find the money in the account after 8 years. Tell me if you need further explanation