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Answer:
Paul’s interest and total after 42 months is $757.16 and $8,733.16 respectively.
Step-by-step explanation:
We are given that Paul deposited $7,976 into a bank account that earns compound interest annually.
Let P = Principal sum of money
R = Rate of interest p.a.
T = Time period
A = Amount of money
C.I. = Compound Interest
As, we know that amount formula for compound interest is given by;
Or
Now, in the question we are given P = $7,976 , R = =
and T = 42 months.
So,
A = $8733.16
Hence, the total amount of money after 42 months is $8733.16.
<u>Now, Compound Interest is calculated as;</u>
$8,733.16 = $7,976 + C.I.
C.I. = $8,733.16 - $7,976 = $757.16
Therefore, Paul’s interest and total after 42 months is $757.16 and $8,733.16 respectively.