Sylvia deposits $5,000 in an IRA. What will be the value of her investment in 25 years if the investment is earning 8% per year and is compounded monthly? Round the answer to the nearest cent. $12,316.71 $24,386,24 $36,700.88 $48,631.04
Added by Jonathan P.
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Since the annual interest rate is 8%, the monthly interest rate would be 8% divided by 12 months, which is 0.67%. Show more…
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