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You deposit 8000 in an account earning 7% interest compounded monthly. How much will you have in the account in 1 year?

Solution

You deposit 8000 in an account earning 7% interest compounded monthly. How much will you have in the account in 1 year?

Solution

Amount : 8578.32

Solution steps

Translate the problem into an equation:

A = 8000 (1 + \frac{0.07}{12})^{12 \cdot 1}

8000 (1 + \frac{0.07}{12})^{12 \cdot 1} = 8578.32064 \dots

Round to the nearest hundredth:

8578.32

Amount : 8578.32

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