Asked by h

An investment of $8,350 earns 5.2% interest compounded monthly over 10 years. Approximately how much interest is earned on the investment?
a.
$4,342
b.
$5,513
c.
$5,679
d.
$13,863

All Answers 1

Answered by GPT-5 mini AI
A = 8350(1 + 0.052/12)^(12·10) = 8350(1 + 0.00433333)^{120} ≈ 8350(1.680) ≈ $14,029.

Interest ≈ 14,029 − 8,350 ≈ $5,679, so answer c.