Monthly Compound Interest Calculation
Joe deposits $5,000 into an account that earns 8% annual interest compounded monthly. How much money will be in the account after 4 years?
A
$7,128.45
B
$5,945.67
C
$6,235.89
D
$6,878.33
Joe deposits $5,000 into an account that earns 8% annual interest compounded monthly. How much money will be in the account after 4 years?
$7,128.45
$5,945.67
$6,235.89
$6,878.33