Question How much would $300 invested at 4% interest compounded monthly be worth after 8 years? round your answer to the nearest cent.

The amount will be $412.91 after 8 years if $300 is invested at 4% interest compounded monthly. Given: Principal (P) = $300 rate of interest (r) = 4% time (t) = 8 years. compounded monthly. Amount (A) = ? we know the formula as: A(t) = P(1+r/n)^nt we know t=8 A(8) = 300(1+0.04/12)^12(8) A(8) = 300(1+0.04/12)^96 A(8) = 300(1.033)^96 A(8) = $412.91 Hence amount after 8 years will be $412.91. Learn more about Compound Interest here: brainly.com/question/24274034 #SPJ4 Log in to Reply

amountwill be $412.91 after 8 years if $300 is invested at 4% interestcompounded monthly.Principal(P) = $300rate of interest(r) = 4%time(t) = 8 years.monthly.Amount (A) = ?formulaas:8 yearswill be $412.91.Compound Interesthere: