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

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03-05-2017
Mathematics

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

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wolf1728 wolf1728 · Answer 1 · 2017-05-07T06:36:38+02:00

wolf1728 wolf1728

07-05-2017

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

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alexismills83 alexismills83 · Answer 2 · 2021-11-09T14:23:58+01:00

alexismills83 alexismills83

09-11-2021

Answer:

c

Step-by-step explanation:

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