1. If you deposit $6500 into an account paying 8% annual interest compounded monthly, how much money will be in the account afte

Question

3 years ago

12

r 7 years? Compare this to the amount you would have in the account with simple interest.

2 answers:

ValentinkaMS [17] · Answer 1 · 2021-12-13T23:56:55+03:00

8 0

After 7 years there will be $11358.24 in the account.

Daniel [21] · Answer 2 · 2021-12-14T01:38:16+03:00

4 0

Answer:

After 7 years $11,358.24 in the account

Step-by-step explanation:

FV=6500 $(1+\frac{0.08}{12})^1^2^(^7^)\\FV=6500(1.00666666)^8^4\\FV=6500(1.747422051)\\FV=11358.24$