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We must pay attention to the frequency of the compounding.

Here, the interest is compounded monthly, so we must express the interest rate in the monthly rate. Since the amount is kept for 8 months, the number of compounding periods, t, is 8. If the amount is kept for 5 years instead, then t = 60 since 5 years = 60 months.

Here, the interest is compounded monthly, so we must express the interest rate in the monthly rate. Since the amount is kept for 8 months, the number of compounding periods, t, is 8. If the amount is kept for 5 years instead, then t = 60 since 5 years = 60 months.

Date Posted:
5 months ago