chaanah
28.10.2019 •
Mathematics
Tessa invests $5400 in a new savings account which earns 5.2% annual interest, compounded monthly. what will be the value of her investment after 8 years? round to the nearest cent.
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Ответ:
Based on the interest rate, amount invested, and the period compounded, the amount after 8 years would be $8,178.43.
First convert the rate and number of periods to a monthly basis as this is the period of compounding.
Rate = 5.2% / 12 = 5.2/12%
Period = 8 x 12 = 96 months
The amount will be:
= Amount x ( 1 + rate) ^ number of periods
Solving would give:
= 5,400 x ( 1 + 5.2/12%)⁹⁶
= $8,178.43
In conclusion, the account would have $8,178.43.
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