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Hope invests 8,000 into an account that compounds monthly at an interest rate of 6%. How much money will Hope have in the account after 10 years?

Solution

Hope invests 8, 000 into an account that compounds monthly at an interest rate of 6%. How much money will Hope have in the account after 10 years?

Solution

Amount : 14555.17

Solution steps

Translate the problem into an equation:

A = 8000 (1 + \frac{0.06}{12})^{12 \cdot 10}

8000 (1 + \frac{0.06}{12})^{12 \cdot 10} = 14555.17387 \dots

Round to the nearest hundredth:

14555.17

Amount : 14555.17

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