You room going to desire to usage the compound attention formula, which is displayed below.

You are watching: How much would \$300 invested at 4

P = early balance

r = attention rate

n = number of times compounded annually

t = time

The an initial step is to readjust 4% into its decimal form:

4% ->

-> 0.04

Now plugin the values:

It would be precious \$412.92

\$412.9

Explanation:

We are provided that

P=\$300

r=4% =0.04

Time,t=8 years

1 year=12 month

Therefore,n=12

We have to uncover the amount after 8 years.

Substitute the values in the over formula

Then, we acquire

Hence, amount ~ 8 years would be worth=\$412.9

You are offered an initial investment of \$300 in ~ 4% attention compounded monthly after 8 years. The systems to this inquiry is shown below.A(t) = P(1+r/n)^ntA(8) = 300(1+0.04/12)^12(8)A(8) = 300(1+0.04/12)^96A(8) = 300(1.033)^96A(8) = \$412.91
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