How much money would a person have 8 years after they invested $2,000 into an account that has an annual interest rate of 3% tha t compounds every other month?
1 answer:
The amount of money the person would have in 8 years s $2541.74.
<h3>How much would the person have in 8 years? </h3>
The formula for calculating future value is:
FV = P (1 + r)^nm]
Where:
FV = Future value
P = Present value = $2000 R = interest rate = 3% / 12 = 0.25% m = number of compounding = 12 N = number of years = 8 years
Value of the account in 8 years with monthly compounding = $2000(1.0025)^(12 x 8) = $2541.74
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