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Your friend deposits $8,000 in an investment account that earns 2% annual interest. Find the balance after 10 years when the interest is compounded monthly.

Your friend deposits $8,000 in an investment account that earns 2% annual interest. Find the balance after 10 years when the interest is compounded monthly.
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5 votes
Your friend deposits $8,000 in an investment account that earns 2% annual interest. Find the balance after 10 years when the interest is compounded monthly.

User Flodel
by
7.4k points

1 Answer

5 votes

Answer:

$9,769.60

Explanation:

A = 8000[1 + (.02/12)]^12·10

User Leo Lei
by
8.5k points
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