The investment of the kelly at the end of 8 years is $7393.78.
What will be the investment of kelly at the end of 8 years?
It is given that
The principle P= $5000
rate of interest R=4.9%
The rate is compounded monthly so
[tex]CI=P(1+\dfrac{R}{12}^{12t} )[/tex]
By putting the value
[tex]CI= 5000\times (1+\dfrac{0.049}{12}^{12\times8} )[/tex]
[tex]CI=7393.78[/tex]
Thus the investment of the kelly at the end of 8 years is $7393.78.
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