Question

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Part 1
Use the appropriate compound interest formula to compute the balance in the account after the stated period of time
​$8,000 is invested for 13 years with an APR of 2.03​% and monthly compounding.
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Part 1
The balance in the account after 13 years is ​$enter your response here.
​(Round to the nearest cent as​ needed.)

Answer 1

`~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+(r)/(n)\right)^(nt) \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill &\$8000\\ r=rate\to 2.03\%\to (2.03)/(100)\dotfill &0.0203\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{monthly, thus twelve} \end{array}\dotfill &12\\ t=years\dotfill &13 \end{cases}`

`A = 8000\left(1+(0.0203)/(12)\right)^(12\cdot 13) \implies A \approx 8000( 1.0016917)^(156)\implies A \approx 10413.66`