Ask Question
25 May, 18:18

An investment of $8,350 earns 5.2% interest compounded monthly over 10 years. Approximately how much interest is earned on the investment?

+5
Answers (1)
  1. 25 May, 18:33
    0
    Total = Principal * (1 + rate/n) ^years*n

    where n is the number of compounding periods per year

    Total = 8,350 * (1 +.052 / 12) ^120

    Total = 8,350 * (1.0043333333) ^120

    Total = 8,350 * 1.6801390765

    Total = 14,029.16
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “An investment of $8,350 earns 5.2% interest compounded monthly over 10 years. Approximately how much interest is earned on the investment? ...” in 📗 Mathematics if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers