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

الحلّ

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

الحلّ

Amount : 9462.29

خطوات الحلّ

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

أمثلة شائعة

2 less than a number is 8 if i have 2 cookies and lose 1 how many do i have the sum of two numbers is 51. the larger number is 19 more than the smaller number Bill is twice the age of Dan. In 7 years, Bill will be one and one half as old as Dan. How old is bill now?You deposit 24.00 in an account earning 5% interest compounded monthly. How much will you have in the account in 1 years?