Question

Peyton invested $690 in an account paying an interest rate of 5.6% compounded monthly. Assuming no deposits or withdrawals are made, how much money, to the nearest ten dollars, would be in the account after 8 years?

Answer 1

Answer:

$1,080. Thus, after 8 years of investment, the amount that Peyton's account will have will be $ 1,078.85, that is, $1,080 rounded to the nearest ten dollars.