Use the formula to solve the problems.
1 answer:
Answer:
$4,309.12
Step-by-step explanation:
The computation of the interest earned is given below:
But before that the amount would be
Amount = Principal × (1 + rate of interest)^number of years
= $6,000 × (1 + 0.07)^8
= $6,000 × 1.07^8
= $10,309.12
Now the interest earned is
= Amount - principal
= $10,309.12 - $6,000
= $4,309.12
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