In this case, we'll have to carry out several steps to find the solution.
Step 01:
Data:
principal = 8000
time = 3 years
rate = 13% = 0.13
Step 02:
Compound interest:
A = future value
n = 12 (compounded monthly)
A = P (1 + r/n) ^ nt
[tex]A\text{ = }8000\cdot(1+\frac{0.13}{12})^{12\cdot3}=8000\cdot(1.0108)^{36}[/tex]A = 11790.95
The answer is:
11790.95
