Mathematics, 15.11.2020 22:10 dariannalopez5902
Autumn invested $2,800 in an account paying an interest rate of 6.2% compounded
monthly. Assuming no deposits or withdrawals are made, how much money, to the
nearest ten dollars, would be in the account after 8 years?
Answers: 3
, where P+ principal value, r = rate of interest , t = time.![A=2800(1+\dfrac{6.2}{1200})^{12\times8}\\\\=2800(1+0.005167)^{96}\\\\=2800(1.005167)^{96}\\\\=2800(1.64009619996)=4592.2693\approx4590\text{ [Rounded to the nearest ten dollars] }](/tpl/images/0899/6265/458f2.png)
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Autumn invested $2,800 in an account paying an interest rate of 6.2% compounded
monthly. Assuming n...
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