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Karolina [17]
3 years ago
11

3.

Mathematics
1 answer:
irina1246 [14]3 years ago
5 0
3)
Principal Amount = P = $7200
Interest rate = r = 4% = 0.04
Time = t = 8 years

Formula for compounding is:

A=P (1+r)^{t}

Using the values, we get:

A=7200 (1+0.04)^{8}=9853.70

Therefore, the compounded amount will be $9853.70 

4)
Principal Amount = P = $7200
Compounded Amount = A = $9853.70

Interest Earned = Compounded Amount - Principal Amount
So,
Interest Earned = 9853.70 - 7200 = $2653.70

Therefore, $2653.70 will be earned as interest over a period of 8 years.
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