Find the total amount on $12,400 principal compounded monthly at 8% interest after

$485,647.99

Step-by-step explanation:

Definition:

The notion of compound interest refers to the benefit (or cost) of the principal capital at an interest rate for a certain period of time, in which the interest earned at the end of each period is not withdrawn, but added to the principal capital . Therefore, interest is reinvested.

Formula:

Variables:

A = total amount  

P = principal or amount of money deposited,

r = annual interest rate  

n = number of times compounded per year

t = time in years

Data:

P=$12400 , r=8% , n=12 and t=46 years

Calculation:

A = $485,647.99

Hope this helps!

b

Step-by-step explanation:

Because it shows all numbers