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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asked Nov 22, 2022 15.7k views

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.

Mathematics
high-school

Flodel asked

by Flodel

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1 Answer

5 votes

Answer:

$9,769.60

Explanation:

A = 8000[1 + (.02/12)]^12·10

Leo Lei answered Nov 26, 2022

by Leo Lei

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