Question

paul invested $400 into an account with a 5.5% interest rate compounded monthly. How much will paul's investment be worth in 8 years?

Answer 1

By using a compound interest calculator, we can know the answer which is $621

Explanation:

Answer 2

3024

Explanation:

get the answer of 5.5% of 400, which is 22.

subtract 22 from 400, which is 378.

multiply 378 by 8, which is 3024.