How much would $300 invested at 4% interest compounded monthly be worth after 8 years? round your answer to the nearest cent.

equation: a(t)=p(1+r/n)^nt

$412.9

Explanation:

We are given that

P=$300

r=4% =0.04

Time,t=8 years

1 year=12 month

Therefore,n=12

We have to find the amount after 8 years.

Substitute the values in the above formula

Then, we get

Hence, amount after 8 years would be worth=$412.9

a progressive tax is a tax that imposes a lower tax rate on low-income earners compared to those with a higher income, making it based on the taxpayer's ability to pay. that means it takes a bigger percentage from high income earners than it does from low income people.

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