crystal200030000 crystal200030000
  • 02-05-2020
  • Mathematics
contestada

Nicolas has $6,500 to deposit into an account which earns 3.25% interest compounded annually. How interest will he have earned at the end of 8 years.

Respuesta :

samuelonum1
samuelonum1 samuelonum1
  • 07-05-2020

Answer:

The interest earned at the end of 8 years is $1895.25

Step-by-step explanation:

Applying the compound interest formula we have A = P(1+r)^t

A, final amount =?

P initial principal balance= $6,500

r, interest rate =3.25%

t, number of time periods =8 years

Substituting our given data we

A= 6500(1+3.25/100)^8

A=6500(1+0.0325)^8

A=6500(1.0325)^8

A=6500*1.2915775353

A=8395.25

Interest = final amount - principal

Interest =8395.25-6500

Interest = $1895.25

Answer Link

Otras preguntas

The width of a rectangle is 20 units. Can the perimeter P of the rectangle be 64 units when its length x is 11 units? No, because P = 2x + 2(20) No, because P
Please help would really appreciate it, I have an idea but not completely sure
3 1/2 divided by 1/6
a sample of a gaseous substance changes into liquid. This process is called (blank) and it takes place when heat is (blank) a gaseous system
20 points plus BRAINLEST ANSWER if right.Joe Nesbo, a travelling salesman, was staying at a hotel for business. He was having a dinner meeting that night, so he
I need help please I been stuck on this question since yesterday
Someone please help me
I need help with this problem!! Problem 21 show steps please
Teams of 4 are competing in a 1/4 mile relay race. Each runner must run the same exact distance. What is the distance each teammate runs?
A driveway is 40 yards long about how many meters long is it