If $5000 Is Invested at 8% Interest,find the Value of the Investment

question 4

Multiple Choice

If $5000 is invested at 8% interest,find the value of the investment at the end of 4 years if the interest is compounded monthly.

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Definitions:

Exponentiation

An arithmetical process that uses two numbers, known as the base and the exponent, in which the base is elevated to the power indicated by the exponent.

Multiplication

A mathematical operation that calculates the total of one number added to itself a specified number of times.

Equivalent Fraction

Fractions that, although they have different numerators and denominators, represent the same part of a whole.

Division

A mathematical operation involving the process of dividing one number by another to find how many times the divisor fits into the dividend.