Question

Use the formula to solve the problems.

Answer 1

A = p(1 + r)^t
A = 6000(1 + .07)^8
A = 6000(1.07)^8
A = 10,309.12
The amount in the account after 8 years is 10,309.12, subtract the amount of principle, and you will get the amount of interest earned.
10,309.12 - 6,000 = $4,309.12
Interest $ 4,309.12