Question

How much would $200 invested at 4% interest compounded monthly be worth after 8 years? Round your answer to the nearest cent.

Answer 1

Your formula is wrong
it should be
$A=P(1+ \frac{r}{n})^{nt}$
A=future amount
P=present amount
r=rate in decimal
n=number of times per year compounded
t=time in years


given
P=200
R=0.04
N=12 (12 months in 1 year)
t=8


$A=200(1+ \frac{0.04}{12})^{(12)(8)}$
$A=200(1+ 0.003333333)^{96}$
$A=200(1.003333333)^{96}$
A=275.279
round
275.28

D is answer

Answer 2

Answer:Apex answer - $275.28

Step-by-step explanation: