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Popular Word Problems >

You invest 5000 at 8% interest compounded monthly. How much money will you have after 8 years?

Solution

Y o u in v es t 5000 a t 8% in t eres t co m p o u n d e d m o n t h l y . Ho w m u c h m o n ey w i ll yo u ha v e a f t er 8 ye a rs ?

Solution

Amount : 9462.29

Solution steps

Translate the problem into an equation:

A = 5000 (1 + \frac{0.08}{12})^{12 \cdot 8}

5000 (1 + \frac{0.08}{12})^{12 \cdot 8} = 9462.28609 \dots

Round to the nearest hundredth:

9462.29

Amount : 9462.29

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