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Mei invests $4667 in a savings account with a fixed annual interest rate of 5% compounded 6 times per year. what will the account balance be after 8 years?

Mei invests $4667 in a savings account with a fixed annual interest rate of 5% compounded 6 times per year. what will the account balance be after 8 years?
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mei invests $4667 in a savings account with a fixed annual interest rate of 5% compounded 6 times per year. what will the account balance be after 8 years?

asked
User InPursuit
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8.5k points

1 Answer

1 vote

$6950.82, if you follow the formula P(1+r/t)^(n/t)

answered
User Steve Vinoski
by
8.2k points
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