You invest 58,000 into a savings account with a 3.75 annual interest rate that compounds interest monthly find the balanace in the account after eight years

78 255.20

Step-by-step explanation:

The formula for compound interest is:

A = P (1 + r) ⁿ

dа ta:

P = 58 000

APR = 3.75 %

t = 8 yr

Calculations:

n = 8 * 12 = 96

r = 0.0375/12 = 0.003 125

A = 58 000 (1 + 0.003 125) ⁹⁶

= 58 000 * 1.003 125⁹⁶

= 58 000 * 1.349 2275

= 78 255.20

Your balance will be 78 255.20.