trashcanmichell trashcanmichell
  • 03-05-2017
  • Mathematics
contestada

An investment of $8,350 earns 5.2% interest compounded monthly over 10 years. Approximately how much interest is earned on the investment?

Respuesta :

wolf1728
wolf1728 wolf1728
  • 07-05-2017
Total = Principal * (1 + rate/n)^years*n
where n is the number of compounding periods per year
Total = 8,350 * (1 + .052 / 12)^120
Total = 8,350 * (1.0043333333)^120
Total = 8,350 * 1.6801390765
Total = 14,029.16


Answer Link
alexismills83
alexismills83 alexismills83
  • 09-11-2021

Answer:

c

Step-by-step explanation:

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