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earnstyle [38]
3 years ago
6

Lea invests $8,333 in a savings account

Mathematics
1 answer:
andre [41]3 years ago
6 0

Answer:

The balance of Lea's account after 12 years of investment will be $ 21,694.04.

Step-by-step explanation:

To calculate the compound interest generated by Lea's account, which has an annual interest of 8% compounded monthly, and whose investment will last for a period of 12 years, the following calculation must be performed:

X = 8,333 x (1 + 0.08 / 12) ^ 8x12

X = 21,694.04

Thus, the balance of Lea's account after 12 years of investment will be $ 21,694.04.

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