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Peyton invested 690 in an account paying an interest rate of 5.6% compounded monthly. Assuming no deposits or withdrawals are made, how much money, to the nearest ten dollars, would be in the account after 8 years?

Solution

Solution

Amount : 1078.85

Solution steps

Translate the problem into an equation:

A = 690 (1 + \frac{0.056}{12})^{12 \cdot 8}

690 (1 + \frac{0.056}{12})^{12 \cdot 8} = 1078.84845 \dots

Round to the nearest hundredth:

1078.85

Amount : 1078.85

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