1) $740 at 12% compounded monthly for 8 years

1 answer:

5 0

$~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+\frac{r}{n}\right)^{nt} \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill &\$740\\ r=rate\to 12\%\to \frac{12}{100}\dotfill &0.12\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{monthly, thus twelve} \end{array}\dotfill &12\\ t=years\dotfill &8 \end{cases} \\\\\\ A=740\left(1+\frac{0.12}{12}\right)^{12\cdot 8}\implies A=740(1.01)^{96}\implies A\approx 1923.46$

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