contestada

$8,000 was deposited into an account that was compounded annually at 6% interest over 7 years. How much interest was earned on the account? Interest=(

Respuesta :

Answer:$4029

Step-by-step explanation:

Given

Principal amount [tex]P=\$8000[/tex]

Interest rate [tex]R=6\%[/tex]

Time period [tex]T=7\ yr[/tex]

Amount after T years is given by

[tex]A=P[1+R\%]^T[/tex]

Put values

[tex]\Rightarrow A=8000[1+0.06]^7\\\Rightarrow A=\$12,029[/tex]

Interest is the difference of amount and principal, that is

[tex]\Rightarrow C.I.=12,029-8000=\$4029[/tex]

Otras preguntas