You deposit $6000 in an account earning 8% interest compounded monthly. How much will you have in the account in 5 years?
Added by Samantha A.
Step 1
- P is the principal amount (the initial amount of money). - r is the annual interest rate (in decimal form, so 8% would be 0.08). - n is the number of times that interest is compounded per year. - t is the time the money is invested for in years. In this case, P Show more…
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