Answer: There would be $4590 (approx.) in the account after 8 years.
Step-by-step explanation:
Formula to calculate accumulated amount if compounded monthly :
[tex]A= P(1+\dfrac{r}{12\times100})^{12t}[/tex], where P+ principal value, r = rate of interest , t = time.
Given: P=$2,800 , r = 6.2%
t= 8 years
Substitute all values in the formula , we get
[tex]A=2800(1+\dfrac{6.2}{1200})^{12\times8}\\\\=2800(1+0.005167)^{96}\\\\=2800(1.005167)^{96}\\\\=2800(1.64009619996)=4592.2693\approx4590\text{ [Rounded to the nearest ten dollars] }[/tex]
Hence, There would be $4590 (approx.) in the account after 8 years.
