SOLUTION: find the value of $4000 invested at a rate of 3% compounded monthly for 8 years

Question 943298: find the value of $4000 invested at a rate of 3% compounded monthly for 8 years
Answer by TimothyLamb(4379) (Show Source): You can put this solution on YOUR website!
compound-interest formula:
v = p( 1 + (r/n) )^(nt)
where:
v = final value
p = initial (principal) value
r = interest rate (as a decimal)
n = number of compounding periods per year
t = number of years
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v = 4000*( 1 + (0.03/12) )^(12*8)
4000 * pow( 1 + (0.03/12), (12*8) )
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copy and paste the above expression in to this calculator:
https://sooeet.com/math/scientific-calculator.php
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v = $5083.47
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