Question

Chandra invests $75 every month at 4.8%/a compounded monthly for 8 years. What is the total amount of
Chandra's investments after 8 years?

Answer 1

The total amount of Chandra's investments after 8 years exists at $110.03 Compound interest.

How to estimate the total amount of Chandra's investments after 8 years?

The formula for calculating the compound interest exists described as;

$A = P(1+r/n)^{nt$

where, P is the amount invested = $75

r be the rate. = 0.048

t be the time = 8 years

n = 12 (monthly)

Substitute, the values in the above equation, then we get

$A = 75(1+0.048/12)^{96$

A = 75(1.467)

A = 110.03

Hence the total amount of Chandra's investments after 8 years is $110.03 Compound interest.

To learn more about compound interest refer to:

https://brainly.com/question/28105442

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