11)$ 8,000 is invested in an account that yields 6% interest per year. After how many years will the account be worth 13709.60$ if the interest is compounded monthly?

Step-by-step explanation:

Hello,

First of all, a few remarks:

>>> 1 year is 12 months, right?

>>> Monthly compounding means that each month we compute the interest and they will be included in the investment for the next month.

>>> 6% is an interest per year, it means that to compute the interest for 1 month we need to compute by 6% multiplied by

Let's do it !

At the beginning, we have:

   $8,000

After 1 month, we will have:

After 2 months, we will have:

After n months, we will have

We are looking for n such that

So, we need 108 months to reach this amount, which means 108/12=9 years.

Hope this helps.

Do not hesitate if you need further explanation.

Thank you

step-by-step explanation:

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