You deposit 4000 in an account earning 8% interest compounded monthly. how much will you have in the account in 5 years?

The total amount you will have in your account=5,959.38

Step-by-step explanation:

The total amount one will have in there account when the interest is compounded annually can be expressed as;

A=P(1+r/n)^nt

where;

A=future value of investment after time t

P=Principal amount based on initial deposit

r=Annual interest rate

n=number of times the interest is compounded annually

t=number of years the investment is deposited

In our case;

P=4,000

r=8%=8/100=0.08

n=12

t=5

Replacing;

A=4,000(1+0.08/12)^(12×5)

A=4,000(1.007)^60

A=5,959.38

The total amount you will have in your account=5,959.38

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