Question

What will $82,000 grow to be in 11 years if it is invested today at 8% and the interest rate is compounded monthly

Answer 1

Answer:

Well the answer would be 865,920. Hope this helped! this is the way i learned it so if its wrong i'm super sorry!

Step-by-step explanation:

I = p x r x t

I = 82,000 x 8 x 11yrs

BUT WAIT! this is MONTHLY, so convert 11 x 12 = 132 and then move 8 back 2 spaces = 0.08 so the correct equation is

I = 82,000 x 0.08 x 132

I = 865,920