Question

$8,000 is invested at an annual rate of 6% with interest compounded monthly. Find the balance of the investment after 5 years

Answer 1

\[A_{0}(1+\frac{ r }{ n })^{nt}\]

A0 is the starting value

since it's compounded monthly that's 12 times in a year so n would be 12
t = 5 years.

let me know what you get

Answer 2

10,790.80