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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v = $5083.47
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