Answer:
The amount after eight month is $5,178.09
Explanation:
The computation of the amount after eight month is shown below:
Future value = Present value × (1 + rate of interest)^number of years
= $5,000 × (1 + 5.25% ÷ 360)^8 × 30
= $5,000 × (1 + 0.00014583333333)^240
= $5,178.09
Hence, the amount after eight month is $5,178.09
We simply applied the above formula so that the correct value could come
And, the same is to be considered
