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29 January, 12:16

Arianna invest $8,093 in a new savings account which earns 4.9% annual interest, compounded monthly. What will be the value of her investment after 8 years? Round to the nearest cent.

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  1. 29 January, 12:37
    0
    11967.58

    Step-by-step explanation:

    The formula is

    A=p (1+r/k) ^ (k*t)

    A future value

    P present value

    R interest rate

    K compounded monthly 12

    T time

    A=8,093 * (1 + (0.049:12)) ^ (12*8) = 11967.58
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