malaysiasocool25 malaysiasocool25

10-02-2021
Mathematics

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If you deposit $6000 into an account paying 8% annual interest compounded monthly, how much money will be in the account after 7 years?

Respuesta :

samuelonum1 samuelonum1

16-02-2021

Answer:

$10278

Step-by-step explanation:

Given data

P= $6000

R= 8%

T= 7 years

The compound interest formula is

A=P(1+r)^t

substitute

A=6000(1+0.08)^7

A=6000(1.08)^7

A=6000*1.713

A=$10278

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