Mathematics
marieiscool
9

What is the total amount that Matthew's bank will receive after lending him $8,000 for four years at an interest rate of 6 percent, compounded annually? total amount = P (1 + i)t

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dani2001

[latex]\bf \qquad \textit{Compound Interest Earned Amount}\\\\ A=P\left(1+\frac{r}{n}\right)^{nt} \qquad \begin{cases} A=\textit{current amount}\\ P=\textit{original amount deposited}\to &\$8000\\ r=rate\to 6\%\to \frac{6}{100}\to &0.06\\ n=\textit{times it compounds per year,}\to &1\\ t=years\to &4 \end{cases} \\\\\\ A=8000\left( 1+\frac{0.06}{1} \right)^{1\cdot 4}[/latex]

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