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Troyanec [42]
2 years ago
13

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
Mathematics
2 answers:
Eva8 [605]2 years ago
8 0

Answer:

$10,099.82

Step-by-step explanation:

Given formula:  \sf TA = P (1+i)^t

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:

\implies \sf TA=8000(1+0.06)^4

\implies \sf TA=10099.81568

Therefore, the total amount the Matthew's bank will receive is $10,099.82

CaHeK987 [17]2 years ago
7 0

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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