I want to use the appropriate compound interest formula to compute the balance in the account after the stated period of time $8,000 of my money has been invested for 14 years with an APR of 6 and monthly compounding My balance in my account after 14 years will be $

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Oct 10, 2024

I want to use the appropriate compound interest formula to compute the balance in the account after the stated period of time. $8,000 of my

I want to use the appropriate compound interest formula to compute the balance in the account after the stated period of time.

$8,000 of my money has been invested for 14 years with an APR of 6% and monthly compounding.

My balance in my account after 14 years will be $ ?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Linear Algebra and Its Applications

Authors: David C. Lay

4th edition

321791541, 978-0321388834, 978-0321791542

More Books

Students also viewed these Mathematics questions

Question

★★★★★

Electronic Distribution has a defined benefit pension plan. Characteristics of the plan during 2018 are as follows: ($ in millions) PBO balance, January...

Answered: 1 week ago

Question

★★★★★

=+2. Apply the normative theories of business ethics to this situation.

Answered: 1 week ago

Question

★★★★★

Use Exhibit 16.1 to provide the required information for Warbler Corporation, whose Federal taxable income totals $10 million. Warbler apportions 70% of its manufacturing income to State C. Warbler...

Answered: 1 week ago

Question

★★★★★

content area top Part 1 A sample of blood pressure measurements is taken for a group of adults, and those values (mm Hg) are listed below. The values are matched so that 10 subjects each have a...

Answered: 1 week ago

Question

★★★★★

D 4 n 12 15 20 24 23 \"norm Refer to the gure above. A technological change is represented by Ihe movement from point _________ to point 0 Z; W O X;Z O W; Z 02;)

Answered: 1 week ago

Question

★★★★★

3 Exercise 9-4 (Algo) Accounting for note payable LO P1 8.33 points Sylvestor Systems borrows $98,000 cash on May 15 by signing a 120-day, 4%, $98,000 note. 1. On what date does this note mature?...

Answered: 1 week ago

Question

★★★★★

SP Limited Company is having two projects, requiring a capital outflow of Rs. 3,00,000. The expected annual income after depreciation but before tax is as follows:Year Rs. 1 )9,000 2) 80,000 3...

Answered: 1 week ago

Question

★★★★★

Cash Accounts Receivable Inventory Property Plant & Equipment Other Assets Hopewell Corporation Balance Sheet As of January 24, 2024 (amounts in thousands) 12,500 Accounts Payable 3,600 Debt 5,200...

Answered: 1 week ago

Question

★★★★★

Payroll Remittance and Reporting INSTRUCTIONS Please select one of the two options below. They are to be completed in MS Word table format and to be placed in the assignment folder on the course page...

Answered: 1 week ago

Question

★★★★★

Tyler an employee in Alberta is paid bi-weekly. Each pay the employee receives a base salary of $ 3,095.00 plus a taxable car allowance of $220.00. Employees enjoy a benefit plan that includes...

Answered: 1 week ago

Previous Question Next Question