SOLUTION: Find the amount if $400 is invested at 13% compounded monthly for 8 months.

Question 540615: Find the amount if $400 is invested at 13% compounded monthly for 8 months.
Answer by jpg7n16(66) (Show Source): You can put this solution on YOUR website!
For this problem, you'd use the "compounding" formula:

"x" is the future amount of money. That's what we're solving for. (x=???)
"P" is the orignal amount (p=$400)
"i" is the rate of compounding interest each period. The problem says 13%, but how often does it compound? Monthly. So you need to divide it by 12.
"n" is the number of compounding periods. The problem gives you 8 months, and thankfully it's compounded monthly, so nothing to do here (n=8)
Then it's just a matter of plugging in your pieces back into the formula, and solving for X.

After 8 months, you would have $436.01.

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