Question

How much would $300 invested at 4% interest compounded monthly be

worth after 8 years? Round your answer to the nearest cent.
AC) = P(1 +5)*

Answer 1

Answer:$412.9

Step-by-step explanation:

We are given that

P=$300

r=4% =0.04

Time,t=8 years

1 year=12 month

Therefore,n=12

We have to find the amount after 8 years.

Substitute the values in the above formula

Then, we get

Hence, amount after 8 years would be worth=$412.9

Step-by-step explanation: