andrew8314 andrew8314

06-03-2017
Mathematics

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Determine how much money you will have after 8 years if you invest 4,000$ at 7% compounded monthly

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friedalafiesta friedalafiesta

06-03-2017

You would get $26,880.
0.07*4000= 280; so $280 are added every month
There are 96 months in 8 years, so multiply 280*96 which =26,880

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