Question

You invested $680 at 2.7% compounded monthly. How much money do you have after

8 years? Estimate your answer to two places after the decimal, if necessary.

Answer 1

$843.74

Explanation:

A = P (1 + r/n)^nt

A = 680(1 + 0.027/12)^12·8

A = 680( 1.00225)^96

A = 843.74