Mark is investing $8,000 in an account paying 5.5% interest compounded monthly.
1 answer:
Response:
The equation is F = P(1 + interest rate)^n
In this case,
P =8000 dollars
interest rate =5.5% = (5.5/12)/100 =0.004583 (monthly compounding)
n =7 x 12 =84 (monthly compounding)
=> Mark's final account balance after 7 years
F = 8000*(1+0.004583)^84 =11746.2503 dollars
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B. 255 m
Detailed breakdown:
utilize similar triangles
L / 60 = 85 / 20
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L = 255 m
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