If you deposit $1,600 into an account paying 8% compunded monthly, how much will you have...

If you deposit $1,600 into an account paying 8% compunded monthly, how much will you have in 4 years?

Expert Solution

Principal = $1600

Interest rate = 8%

t= 4 years

m=months=4*12=48

The formula for compound interest rate is = P*(1+r/n)^m

=1600*(1+(0.08/12))^48=2201

I will have $2201 in 4 years out of which $1600 is my principal and $601 is my interest amount.

jeff jeffy answered 2 years ago

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