Find the interest principle 8000 rate .06 compounded annually years 3
1 answer:
Answer:
535.07
Step-by-step explanation:
S=P(1+ i) ^n
i= nominal rate of interest / number of compounding periods
i =. 06/12
=0.18
Divided by 100
=0.0018
n- number of times interest is given per year x the number of years
n=12x3
=36
8000(1+0.0018)^36
=8535.07
Interest
8535.07 - 8000
=535.07
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