SOLUTION: How much would $300 invested at 4% interest compounded monthly be worth after 8 years? Round your answer to the nearest cent. Do not include units in your answer.
{{{ A(8)= 300
Algebra ->
Customizable Word Problem Solvers
-> Finance
-> SOLUTION: How much would $300 invested at 4% interest compounded monthly be worth after 8 years? Round your answer to the nearest cent. Do not include units in your answer.
{{{ A(8)= 300
Log On
Question 868234: How much would $300 invested at 4% interest compounded monthly be worth after 8 years? Round your answer to the nearest cent. Do not include units in your answer.
A(8)= 300 ( 1+ 0.04/12) ^12(8)
A(8) =300(1+ 0.04/12)^96
A(8)=300(1+0.003)^96
A(8)=300(1.003)^96
A(8)=300(1.33)
A(8)=399
Is this correct? Answer by ewatrrr(24785) (Show Source):
