Miranda puts 1,000.00 into an account to use for school expenses. The account earns 8% interest, compounded monthly. How much will be in the account after 8 years?

Solución

Miranda puts 1, 000.00 into an account to use for school expenses. The account earns 8% interest, compounded monthly. How much will be in the account after 8 years?

Solución

Amount : 1892.46

Pasos de solución

Translate the problem into an equation:

A = 1000 (1 + \frac{0.08}{12})^{12 \cdot 8}

1000 (1 + \frac{0.08}{12})^{12 \cdot 8} = 1892.45721 \dots

Round to the nearest hundredth:

1892.46

Amount : 1892.46

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