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Find the accumulated value of an investment of 5000 at 5% compounded monthly for 8 years.

Solution

Find the accumulated value of an investment of 5000 at 5% compounded monthly for 8 years.

Solution

Amount : 7452.93

Solution steps

Translate the problem into an equation:

A = 5000 (1 + \frac{0.05}{12})^{12 \cdot 8}

5000 (1 + \frac{0.05}{12})^{12 \cdot 8} = 7452.92733 \dots

Round to the nearest hundredth:

7452.93

Amount : 7452.93

Popular Examples

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