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Annette [7]
2 years ago
6

-. A businessman plans to retire in 30 years. As part of his retirement plan, he has

Mathematics
1 answer:
stepladder [879]2 years ago
7 0

Answer:

A = $45948

Step-by-step explanation:

Given the following data;

Principal = $8000

Interest rate = 6% = 6/100 = 0.06

Time = 30 years

To find the future value, we would use the compound interest formula;

A = P(1 + \frac{r}{100})^{t}

Where;

A is the future value.

P is the principal or starting amount.

r is annual interest rate.

t is the number of years for the compound interest.

Substituting into the equation, we have;

A = 8000(1 + \frac{6}{100})^{30}

A = 8000(1 + 0.06)^{30}

A = 8000(1.06)^{30}

A = 8000(5.7435)

A = $45948

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