8 x ( 14 + 7) = ____ + ( 8 x 7)
2 answers:
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<u>Answer:</u> $42546.9 will be the earning in 4 years.
<u>Step-by-step explanation:</u>
The equation for compound interest follows:
where,
A = total amount
P = Principle amount
r = rate of interest
n = number of years
We are given:
Earnings earned per month = $3250
Earnings earned per year = ($3250 × 12) = $39000
The values become:
Putting values in above equation, we get:
Hence, $42546.9 will be the earning in 4 years.