Question

1. Mark Ford deposits $11,800 into Role Bank, which pays 8% interest that

Answer 1

Answer:

The amount after 4 years = $ 16198.87

Step-by-step explanation:

Points to remember

Compound interest

A = P[1 + R/n]^nt

Were A - Amount

P - Principle

R - Rate of interest

t - Number of years

n - Number of times compounded

To find the amount

Here P = $11,800, R = 8% = 0.08, t = 4 years and n = 4 times

A = P[1 + R/n]^nt

 =  11800[1 + 0.08/4]^(4 * 4)

 = 16198.87

Therefore amount after 4 years = $ 16198.87