Answer:
After 9 years the account will be worth 13709.60$
Step-by-step explanation:
We are given the following in the question:
We are given the following in the question:
P = $8000
r = 6% = 0.046
n = 12
The compound interest is given by:
where A is the amount, p is the principal, r is the interest rate, t is the time in years.
Putting the values, we get,
Thus, after 9 years the account will be worth 13709.60$