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Kitty [74]
2 years ago
9

The compound interest formula is A = P(1 + ) where P is the principal, A is the ending amount, r is the annual interest rate, m

is the
number of compounding periods, and is the number of years. Billy invested $8,000 in a savings account paying 3.5 % interest,
compounded monthly. How much will Billy have after 12 years?

O $8,280
O $11, 360
O $12, 168.25
O $10.361.14
Mathematics
1 answer:
Naddika [18.5K]2 years ago
7 0

This shows that Billy will have $12, 168.25 after 12 years

<h3>Compound interest</h3>

The formula for calculating the compound interest is expressed as:

  • A = P(1+r/n)^{nt}

From the information given, the amount is expressed as;

A = 8000(1+0.035/12)^{12(12)}\\A= |\$12,168.25

This shows that Billy will have $12, 168.25 after 12 years

Learn more on compound interest here: brainly.com/question/24924853

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