Answer:
78 255.20
Step-by-step explanation:
The formula for compound interest is:
A = P(1 + r)ⁿ
Data:
P = 58 000
APR = 3.75 %
t = 8 yr
Calculations:
n = 8 × 12 = 96
r = 0.0375/12 = 0.003 125
A = 58 000(1+ 0.003 125)⁹⁶
= 58 000 × 1.003 125⁹⁶
= 58 000 × 1.349 2275
= 78 255.20
Your balance will be 78 255.20.
