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?
Algebra ->
Customizable Word Problem Solvers
-> Finance
-> 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?
Log On
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
