Round your answer to the nearest hundredth.
1 answer:
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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;
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 = $45948