Question

you invest $4500 into a bank account that earns 2.5% apr monthly for 8 years. how much will be in the bank account at the end of 8 years? and how long will it take for your account to double in value?

Answer 1

4,500×(1+0.025÷12)^(12×8)
=5,495.17

72÷2.5
=28.8 years