Answer:
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
