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Popular >

you invest 500 dollars at an 8% annual interest rate, if it is compounded monthly how much is your investment worth after 4 years

Solution

you invest 500 dollars at an 8% annual interest rate, if it is compounded monthly how much is your investment worth after 4 years

Solution

Amount : 687.83

Solution steps

Translate the problem into an equation:

A = 500 (1 + \frac{0.08}{12})^{12 \cdot 4}

500 (1 + \frac{0.08}{12})^{12 \cdot 4} = 687.83305 \dots

Round to the nearest hundredth:

687.83

Amount : 687.83

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