if $8,000 is deposited in an account paying 12% compounded monthly, then what amount will be in the account after 7 years? ( please include solutions, thank you)
The compound interest formula is FV=P(1+(r/n))^n*t FV= future value P= principal or amount of $ deposited r= annual interest rate in decimal form n= number of times compounded per year t= time in years
Therefore 8000(1+(.12/12))^12*7 which equals $18453.78
