Question

. Michelle invests $8000 in a money market account that pays 3.25% interest compounded monthly. How much will be in the account after 12 years?

Answer 1

Ok so compound interest is in the form\[y=P(1+r)^x\]
Where P is the initial investment
And r is the percent in decimals

Answer 2

x is the number of years

Answer 3

Use the formula @Brill gave u.

Answer 4

\[f=8000(1+\frac{ 3.25 }{ 100.12 })^{12x12}\]

Answer 5

\[F=8000(1.00270833)^{144}\]

Answer 6

Can u finish it?

Answer 7

Yeah @Agl202 has the right equation
And it's not really a question of whether you can finish it, it is simply just typing it into a calculator

Answer 8

Yep! That's r8t :)

Answer 9

I just want the user to understand what's going on.