A family is saving up for a house payment. If they deposit $400 each month into an account that pays 4.8%intrest compounded monthly how much money will they have in 8 years from now

44,956

Step-by-step explanation:

Future value

A family is saving up for a house payment. If they deposit $400 each month into an account that pays 4.8% interest compounded monthly how much money will they have in 8 years from now

The formula =

P = d( (1 + r/k)^nk - 1)/r/k

d = Amount deposited monthly = $400

r = interest rate = 4.8% = 0.048

k = compounding frequency = 12 months

n = number of years = 8

P = 400((1 + 0.048/12)^8 × 12 - 1)/0.048/12

P = (400 ( 1 + 0.004)^96 - 1)/0.004

P = (400 ( 1.4495569791 - 1)/0.004

P = 40(0.4495569791)/0.004

P = 179.82279162/0.004

P = 44955.697906

Approximately

P = 44,956

the answer is 8.64

step-by-step explanation:

true

step-by-step explanation:

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