### Lesson 4.8: Simple and Compound Interest#### Online Practice Activity**Question 8 of 9, Step 1 of 1****Problem Statement:**Carol invested $30,800 at 19% to be compounded monthly. What will be the value of Carol's investment in 2 years? Round your answer to the nearest cent. Note: Assume 365 days in a year and 30 days in a month.**Enter your answer in the provided field.****Answer:**[How to enter your answer (opens in new window)](URL to guide)**Interface Overview:**- **Progress Tracker:** Displays the number of questions answered correctly (4/9 in this case) and incorrectly (3 in this case).- **Answer Input Box:** Empty field where users can input their calculated answer.- **Action Buttons:** - **Tutor:** Provides additional help or resources. - **Skip:** Skips the current question. - **Try Similar:** Presents a similar question for practice. - **Submit Answer:** Submits the provided answer for evaluation.**Note:** The correct approach involves understanding the formula for compound interest:\[ A = P \left( 1 + \frac{r}{n} \right)^{nt} \]Where:- $ A $ is the amount of money accumulated after n years, including interest.- $ P $ is the principal amount (the initial amount of money).- $ r $ is the annual interest rate (decimal).- $ n $ is the number of times that interest is compounded per year.- $ t $ is the time the money is invested for, in years.

Question 8 of 9, Step 1 of 1 4/9 Correct In Carol invested $30,800 at 19% to be compounded monthly. What will be the value of Carol's investment in 2 years? Round your answer to the nearest cent. Nom Assume 365 days in a year and 30 days in a month.

Question 8 of 9, Step 1 of 1 4/9 Correct In Carol invested $30,800 at 19% to be compounded monthly. What will be the value of Carol's investment in 2 years? Round your answer to the nearest cent. Nom Assume 365 days in a year and 30 days in a month.

Algebra and Trigonometry (6th Edition)

6th Edition

ISBN:9780134463216

Author:Robert F. Blitzer

Publisher:Robert F. Blitzer

ChapterP: Prerequisites: Fundamental Concepts Of Algebra

Section: Chapter Questions

Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...

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