Question

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

Answer 1

\[\huge\rm A= P ( 1 + \frac{ r }{ t })^{n \times t}\]
formula
where P= principal amount (initial )
r= interest rate (change percent to decimal )
n = compounded monthly
t= time or number of years
replace variables by their values and then solve :-)