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Mashutka [201]
4 years ago
5

You invest 58,000 into a savings account with a 3.75 annual interest rate that compounds interest monthly find the balanace in t

he account after eight years
Mathematics
1 answer:
polet [3.4K]4 years ago
8 0

Answer:

78 255.20

Step-by-step explanation:

The formula for compound interest is:

A = P(1 + r)ⁿ

Data:

    P = 58 000

APR = 3.75 %

     t = 8 yr

Calculations:

n = 8 × 12 = 96

r = 0.0375/12 = 0.003 125

A = 58 000(1+ 0.003 125)⁹⁶

  = 58 000 × 1.003 125⁹⁶

  = 58 000 × 1.349 2275

  = 78 255.20

Your balance will be 78 255.20.

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