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Arisa [49]
3 years ago
10

if $8,000 is deposited in an account paying 12% compounded monthly, then what amount will be in the account after 7 years? ( ple

ase include solutions, thank you)

Mathematics
2 answers:
andrew-mc [135]3 years ago
8 0
Rate = rate / 12monthsrate = .12 / 12
rate = <span>.01 </span>

Total = 8,000 *(1<span>.01)^ 12 * 7
</span>
Total = 8,000 *(1<span>.01)^84
</span>
<span><span><span>Total = 8,000 * 2.306722744 </span> </span> </span>
Total = <span> <span> <span> 18,453.78 </span> </span> </span>


bekas [8.4K]3 years ago
4 0
The compound interest formula is
FV=P(1+(r/n))^n*t
FV= future value
P= principal or amount of $ deposited
r= annual interest rate in decimal form
n= number of times compounded per year
t= time in years

Therefore 8000(1+(.12/12))^12*7 which equals $18453.78
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