You deposit $2000 in an account that earns 5% annual interest. Find the balance in the account after 8 years if the interest is compounded monthly

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01-02-2021
Mathematics

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You deposit $2000 in an account that earns 5% annual interest. Find the balance in the account after 8 years if the interest is compounded monthly

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ASDFG9156 ASDFG9156 · Answer 1 · 2021-02-01T08:35:43-05:00

ASDFG9156 ASDFG9156

01-02-2021

FORMULA FOR COMPOUND INT. = A = P ( 1 + [tex]\frac{R}{100}[/tex])[tex]^{n}[/tex]

= P = 2000, R = [tex]\frac{5}{12}[/tex] ( as it is compounded monthly ), N= 8 × 12 = 96

= A = 2000 [tex]([/tex] 1 + [tex]\frac{5}{1200}[/tex] [tex])^{96\\}[/tex] = [tex]\frac{2000}{1}[/tex] × ([tex]\frac{1205}{1200}[/tex]) [tex]^{96}[/tex]

= 2981.17

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