Mark is investing $8,000 in an account paying 5.5% interest compounded monthly.

What will Mark's account balance be in 7 years?

The formula is F = P (1 + interest percent) ^n

Here,

p = 8000 dollar

interest percent = 5.5% = (5.5/12) / 100 = 0.004583 (compounded monthly)

n = 7 x 12 = 84 (compounded monthly)

=> Mark's account balance after 7 years

F = 8000 * (1+0.004583) ^84 = 11746.2503 dollar