KenyaR334330 KenyaR334330

30-10-2022
Mathematics

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How much would $300 invested at 4% interest compounded monthly beworth after 8 years? Round your answer to the nearest cent.

How much would 300 invested at 4 interest compounded monthly beworth after 8 years Round your answer to the nearest cent class=

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GarvE487281 GarvE487281

30-10-2022

Substitute P = 300, r = 4% = 0.04, n =12, and t = 8 into the formula:

[tex]A(8)=300\left(1+\frac{0.04}{12}\right)^{8\times12}\approx412.92[/tex]

Therefore, the correct answer is choice D:

$412.92

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