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3 years ago

$8000 principal earning 5% compounded annually, after 6 years

Mathematics

1 answer:

Verdich [7]3 years ago

8 0

Future amount after 6 years will be: $10720.76

Step-by-step explanation:

Principal = $8000

Interest= 5% compounded annually

Time = 6 years

We need to find A (future amount)

The formula used is:

$A=P(1+\frac{r}{n})^{nt}$

A= Future amount

P= Principal amount

r= interest rate

n= no of times interest is applied

t= time

Putting values and finding A

P=8000. r=0.05, n=1, t=6

$A=P(1+\frac{r}{n})^{nt}\\A=8000(1+\frac{0.05}{1})^{1*6}\\ A=8000(1+0.05)^{6}\\ A=8000(1.05)^{6}\\A=10720.76$

So, Future amount after 6 years will be: $10720.76

Keywords: Compound Interest

Learn more about Compound Interest at:

#learnwithBrainly

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