Question

An account earns 8.4% interest compounded monthly. If 12,000 is invested in the account initially, how much

Answer 1

Answer:

$30,2400

Step-by-step explanation:

First, we need to find how much interest he earns in a month

8.4% of $12,000 = $1,008

Next, we multiply the amount of interest per month by the number of months in 25 years

25 years = 300 months

Now we can multiply the two values to get our final answer

1,008 x 300 = $30,2400