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How much would 600 invested at 8 percent compounded monthly yield in 6 years?
Wiki User
∙ 12y ago
8% per year = 8/12 or two thirds of a percent per month.
There are 72 months in 6 years
Balance after 6 years = 600 x (1 + 0.08/12) to the power seventy two.
Best calculated using logs!
0.08/12 = 0.006 recurring
Add 1
Log 1.006 recurring = 0.00288
x 72 = 0.20777
antilog 0.20777= 1.6135
600 x 1.6135 = 968.10
Wiki User
∙ 12y ago
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