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

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Xavia · Answer

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.    Amoun t (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

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