SOLUTION: Deon deposited $4000 into an account with 3.6% interest, compounded monthly. Assuming that no withdrawals are made, how much will he have in the account after 8 years?

Question 1071669: Deon deposited
$4000
into an account with
3.6%
interest, compounded monthly. Assuming that no withdrawals are made, how much will he have in the account after
8
years?
Do not round any intermediate computations, and round your answer to the nearest cent.
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
P=Po(1+r/n)^nt
=4000(1+(.036/12))^96, the 96 being the number of months in 8 years
with a calculator, do .036/12 first
add 1
raise to the 96th power
Then multiply by 4000.
$5332.73
RELATED QUESTIONS
Felipe deposited $4000 into an account with 4.1% interest, compounded semiannually.... (answered by stanbon)

Shawn deposited 4000 into an account with interest, compounded quarterly. Assuming that... (answered by lynnlo)

David deposited $4000 into an account with 4% interest, compounded annually. Assuming... (answered by josgarithmetic)

Latoya deposited $4000 into an account with 2.3% interest, compounded quarterly. Assuming (answered by ikleyn)

Alonzo deposited $4000 into an account with 5.2% interest, compounded annually.... (answered by Boreal)

Eric deposited $4000 into an account with 2.4% interest, compounded annually.... (answered by Fombitz)

Christine deposited $4000 into an account with 5% interest, compounded quarterly.... (answered by addingup)

Austin deposited $5000 into an account with a 8.6% annual interest rate, compounded... (answered by math_tutor2020)

John deposited $4000 into an account with 3.6% of interest compounded semiannually no... (answered by josgarithmetic)