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8 May, 08:50

Determine how much money you will have after 8 years if you invest 4,000$ at 7% compounded monthly

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  1. 8 May, 08:58
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    You would get $26,880.

    0.07*4000 = 280; so $280 are added every month

    There are 96 months in 8 years, so multiply 280*96 which = 26,880
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