Question

Peyton invested $690 in an account paying an interest rate of 5.6% compounded monthly. Assuming no deposits or withdrawals are made, how much money, to the nearest ten dollars, would be in the account after 8 years?

Answer 1

$1,080.

Explanation:

Given that Peyton invested $ 690 in an account with an annual interest of 5.6% compounded monthly, and that he kept said money in his account for 8 years without withdrawing or adding any amount, to obtain the final amount of money that said account would have after 8 years. years of investment, the following calculation must be made:

8 x 12 = 96

X = 690 x (1 + 0.56) 96

X = 1,078.85

Thus, after 8 years of investment, the amount that Peyton's account will have will be $ 1,078.85, that is, $1,080 rounded to the nearest ten dollars.

Answer 2

$1,080.

Explanation:

Given that Peyton invested $ 690 in an account with an annual interest of 5.6% compounded monthly, and that he kept said money in his account for 8 years without withdrawing or adding any amount, to obtain the final amount of money that said account would have after 8 years. years of investment, the following calculation must be made:

8 x 12 = 96

X = 690 x (1 + 0.56) 96

X = 1,078.85

Thus, after 8 years of investment, the amount that Peyton's account will have will be $ 1,078.85, that is, $1,080 rounded to the nearest ten dollars.