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Oksana_A [137]
3 years ago
10

You deposit $2000 in an account that earns 5% annual interest. Find the balance in the account after 8 years if the interest is

compounded monthly

Mathematics
1 answer:
Marta_Voda [28]3 years ago
8 0

FORMULA FOR COMPOUND INT. = A = P ( 1 + \frac{R}{100})^{n}

= P = 2000, R = \frac{5}{12} ( as it is compounded monthly ), N= 8 × 12 = 96

= A = 2000 ( 1 + \frac{5}{1200} )^{96\\} = \frac{2000}{1} × (\frac{1205}{1200}) ^{96}

= 2981.17

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3 0
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