Compound interest at the end of 8 years. with a principal amount of 10,000 and an annual intrest rate of 5% and the interest is compounded monthly  what is the amount after 8 yea

Essentials Of Investments
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ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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Compound interest at the end of 8 years.

with a principal amount of 10,000

and an annual intrest rate of 5% and the interest is compounded monthly 

what is the amount after 8 yea

Expert Solution
Step 1

This is a case of compounding.

The final amount is obtained after compounding the principal amount.

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