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Clarence puts 600.00 into an account to use for school expenses. The account earns 8% interest, compounded monthly. How much will be in the account after 8 years?

Solution

Solution

Amount : 1135.47

Solution steps

Translate the problem into an equation:

A = 600 (1 + \frac{0.08}{12})^{12 \cdot 8}

600 (1 + \frac{0.08}{12})^{12 \cdot 8} = 1135.47433 \dots

Round to the nearest hundredth:

1135.47

Amount : 1135.47

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