Question

The equation for compound interest is A=P(1+rn)nt, where P is the initial amount invested, r is the interest rate as a decimal, n is the number of times compounded annually, and t is the number of years.
Determine the value of the account if the initial investment is $8,000 compounded monthly at a rate of 6% after 10 years.

$14,555.17
$8409.12
$8480.00
$14,326.78

Answer 1

It would be $8409.12