What interest will be earned if $6600 is invested for 8 years at 12% compounded monthly?...

80.2K

Verified Solution

Question

Advance Math

What interest will be earned if $6600 is invested for 8 years at12% compounded monthly? (Round your answer to the nearest cent.)$

Answer & Explanation Solved by verified expert
3.5 Ratings (622 Votes)
The compound interest formula used isP principal amount the initial amountinvestedr annual rate of interest as a decimalt number of years the amount    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students