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Popular >

8000 for 4 years at 6.5% compounded monthly. what is the total amount accumulated after 4 years?

Solution

8000 for 4 years at 6.5% compounded monthly. what is the total amount accumulated after 4 years?

Solution

Amount : 10368.16

Solution steps

Translate the problem into an equation:

A = 8000 (1 + \frac{0.065}{12})^{12 \cdot 4}

8000 (1 + \frac{0.065}{12})^{12 \cdot 4} = 10368.16348 \dots

Round to the nearest hundredth:

10368.16

Amount : 10368.16

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