172k views
1 vote
Find the amount if $300 is invested at 8% compounded monthly for 16 months.

Amount =

1 Answer

6 votes

Explanation:

Amount = Principal ( 1 + i) ^n i = decimal interest per month = .08/12

n = 16 months

amount = $ 300 ( 1+ .08/12)^16 = $ 333.65

User Linello
by
8.8k points

No related questions found

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories