How much would $300 invested at 4% interest compounded monthly be

Mathematics

1 answer:

Anna11 [10]2 years ago

8 0

Answer:

$412.92

Step-by-step explanation:

You are going to want to use the compound interest formula, which is shown below.

$A=P(1+\frac{r}{n} )^{nt}$

P = initial balance

r = interest rate

n = number of times compounded annually

t = time

The first step is to change 4% into its decimal form:

4% -> $\frac{4}{100}$ -> 0.04

Now plug in the values:

$A=300(1+\frac{0.04}{12})^{(12)8}$

$A=412.92$

It would be worth $412.92

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