the compound interest formula a=p(1+r/n)^nt where p is the initial amount invested, r is the interest as a decimal, n is the number of times compound annually, the the number of years. Determine the value of the account if the initial investment is $8,000 compounded monthly at a rate of 6% after 10 years.

Option (D)

Step-by-step explanation:

Formula to calculate the final amount after 't' years is,

A =

Here P = Initial amount

r = rate of interest

n = number of times compounding done

t = duration of investment

For A = $8000

r = 0.06

t = 10 years

n = 12 (compounded monthly in a year)

Therefore, final amount =

                                        =

                                        =

                                        = 8000(1.8194)

                                        = $14555.17

Therefore, Option (D) will be the answer.

go on the tube you might find some information there

you can first factor out the n to get n(1+5). we know that 1+5 is 6, so we just have 6n.