Question

Find the balance in the account after the given period. ​$2000 principal earning 6​% compounded​ annually, for 8 years. The balance after 8 years will be ​$__?

Answer 1

Do 2000 divided by 8 than divided that by 6%

Answer 2

For this case we use the following formula:
 P (t) = P (1 + r / n) ^ (n * t)
 Substituting values we have:
 P (8) = 2000 * (1 + 0.06 / 1) ^ (1 * 8)
 P (8) = 3187.696149
 Rounding off we have:
 P (8) = 3187.7 $
 Answer:
 The balance after 8 years will be $ 3187.7