What dose waxing mean moon
1 answer:
You might be interested in
Given:
Matthew's bank lent him $8,000 for four years at an interest rate of 6 percent, compounded annually.
To Find:
The total amount that Matthew's bank will receive after 4 years.
Answer:
The total amount the bank will receive after 4 years is $10,099.8
Step-by-step explanation:
The principal amount 'P' lent to Matthew is $8000
The time period 't' is 4 years
The lending rate 'r' is 6%
As the interest is compounded annually, we use the Compound Interest formula to calculate the amount the bank will receive 'A' after 4 years.
The formula we use is
Thus, the total amount the bank will receive after 4 years is $10,099.8