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 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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