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Popular >

if 1250 are deposited into an account with 6.5% interest rate, compounded monthly, what is the balance after 8 years

Solution

if 1250 are deposited into an account with 6.5% interest rate, compounded monthly, what is the balance after 8 years

Solution

Amount : 2099.59

Solution steps

Translate the problem into an equation:

A = 1250 (1 + \frac{0.065}{12})^{12 \cdot 8}

1250 (1 + \frac{0.065}{12})^{12 \cdot 8} = 2099.58621 \dots

Round to the nearest hundredth:

2099.59

Amount : 2099.59

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