What is the total amount that Matthew's bank will receive after lending him $8,000 for four years at an interest rate of 6 perce
nt, compounded annually? TA= P (1+i)^t
2 answers:
Answer:
$10,099.82
Step-by-step explanation:
Given formula: 
where:
- TA = total amount
- P = principal amount
- i = interest rate (in decimal form)
- t = time (in years)
Given:
- P = $8,000
- i = 6% = 0.06
- t = 4 years
Substituting the given values into the formula:


Therefore, the total amount the Matthew's bank will receive is $10,099.82
Answer:
10,099.80
Step-by-step explanation:
Given: The principal amount (P)= $8,000
The rate of interest (i)= 6 % = 0.06
Time = 4 years
The formula to calculate the compound amount in x years is given by :-
Then the compound amount received by Matthew after 4 years will be:_
Hence, the total amount that Matthew's bank will receive afeter 4 years =$10,099.80
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