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Popular >

You invest 5000 at 8% interest compounded monthly. How much money will you have after 8 years?

Solution

You invest 5000 at 8% interest compounded monthly. How much money will you have after 8 years?

Solution

Amount : 9462.29

Solution steps

Translate the problem into an equation:

A = 5000 (1 + \frac{0.08}{12})^{12 \cdot 8}

5000 (1 + \frac{0.08}{12})^{12 \cdot 8} = 9462.28609 \dots

Round to the nearest hundredth:

9462.29

Amount : 9462.29

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