Compound interest is the type of interest based investment that causes initially modest sums of money to eventually increase to big sums. The formula for compound interest is given by,

$A = P(1+\frac{r}{n})^{nt}$

Here,

A is the final worth of the investment

P denotes the Principal amount of money that is invested

r denotes the rate of the compound interest

t denotes the time period in years

n denotes the number of times interest is compounded in one year

Given Information

P = $8,000

r = 6% = 0.06

n = 4 (∵ Compounded quarterly)

t = 10 years

Solving for A

Substituting the values of P, r, n, and t in the above mentioned formula of compound interest, we get,

$A = 8,000(1+\frac{0.06}{4})^{4*10}$

$A = 8,000(\frac{4.06}{4})^{40}$

$A = 8,000* 1.8140184$

$A = 14,512.14726$

Rounding the answer to two decimal places, we get,

$A = 14,512.15$

Therefore, Nazerhy would get $14,512.15 after 10 years.

Learn more about compound interest here:

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2 years ago

There are 52 cars in the movie theater parking lot. 12 more cars parked in the parking lot before the movie started but 3 cars l

kondaur [170]

Answer:

Step-by-step explanation:

52 + 12 = 64

64-3 that left is 62 cars in the parking lot

5 0

2 years ago

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