Getting the wrong answer with this problem.

Find the accumulated value of an account of $800 at 8% compounded monthly for 2 years.

I keep getting the answer $933.12 which is wrong.

Im using the formula A=P(1 + r/t) ^nt

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- Nov 30th 2012, 08:46 AMitgl72Compounded monthly
Getting the wrong answer with this problem.

Find the accumulated value of an account of $800 at 8% compounded monthly for 2 years.

I keep getting the answer $933.12 which is wrong.

Im using the formula A=P(1 + r/t) ^nt - Nov 30th 2012, 08:50 AMScopurRe: Compounded monthly
$\displaystyle A = 800\left( 1 + \frac{0.08}{12} \right)^{24} =938.31 $

- Nov 30th 2012, 12:54 PMebainesRe: Compounded monthly
- Nov 30th 2012, 01:55 PMHallsofIvyRe: Compounded monthly