Determine the total amount and the interest paid on $4000 with interest compounded monthly for 5 years at a) 2%. b) 4%. c) 8%.

Question

Determine the total amount and the interest paid on $4000 with interest compounded monthly for 5 years at
a) 2%.
b) 4%.
c) 8%.
d) Is there a predictable outcome in either the amount or the interest when the rate is doubled?
a) The total amount accumulated at 2% is $
(Round to the nearest cent as needed.)

Kunduz · Accepted Answer

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