Bethany borrows $8000 at 3% interest rate with interest compounded continuously for 6 years. What is the total interest?
1 answer:
Answer:
$1,577.74
Step-by-step explanation:
You are going to want to use the continuous compound interest formula, which is shown below.
<em>A = total </em>
<em>P = principal amount </em>
<em>r = interest rate (decimal) </em>
<em>t = time (years) </em>
<em />
First change 3% to its decimal form:
3% -> -> 0.03
Next, we can plug in the values into the equation:
The last step is to subtract 8,000 from 9,577.74:
The total interest earned is $1,577.74
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