Question

Find the interest principle 8000 rate .06 compounded annually years 3

Answer 1

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