Homework Help: calculus

Posted by jane on Friday, July 20, 2012 at 1:22pm.

suppose you invest some money in an account at 6% compounded monthly, after four years you have $8000, how much interest did you earn

calculus - Reiny, Friday, July 20, 2012 at 4:27pm
x(1.005)^48 = 8000

solve for x
subtract from 8000 to get the interest.

Answer this Question

Related Questions

Compound math - (Future Value) Suppose you invest $8000 into an account that ...
math - Suppose that you have $12,500 to invest over a 4 year period. There are ...
math - Jim wants to deposit money in an account to save for a new stereo system ...
Math - The winner of a popular lottery is offered one of two options: i) a lump ...
math - Jim wants to deposit money in an account to save for a new stereo system ...
matttth help please - 1. Mike wants to invest money every month for 40 years. ...
Math 109 - If an account has a 3.4% interest rate compounded monthly, how much ...
Calculus :) - If 8000 dollars is invested in a bank account at an interest rate ...
algebra - Suppose Mary deposits $200 at the end of each month for 30 years into ...
algebra - 1. Suppose Mary deposits $200 at the end of each month for 30 years ...

For Further Reading

First Name:
School Subject:
Answer: