Question

An investment of $8,350 earns 5.2% interest compounded monthly over 10 years. Approximately how much interest is earned on the investment?

Answer 1

Total = Principal * (1 + rate/n)^years*n
where n is the number of compounding periods per year
Total = 8,350 * (1 + .052 / 12)^120
Total = 8,350 * (1.0043333333)^120
Total = 8,350 * 1.6801390765
Total = 14,029.16

Answer 2

Answer:

c

Step-by-step explanation: