Question

Find the amount A accumulated after investing a principal P= $2,000 for t= 8 years at an interest rate r= 6% compounded monthly.

Answer 1

A = 3228.2854

I = 1228.2854

Explanation:

1 . Use the CI formula. (Reference in file.)

2. Solve equation after plugging the given information we have.

3. We will have the Amount after solving the equation.

4. To find interest we use formula A=P+I

Source - TutorEye

Answer 2

The amount is $11520.

Explanation:

Interest = p * r * t/100

p = 2000

r = 6%

t = 8 * 12

For monthly interest = 2000 * 6 * 96/100

interest = 11520

If we have to find out the interest there must be the given total amount that take time in which it has to pay,

And percentage all things are given he take 2000 $ rate of interest at 6%,

Time is 8 years that is monthly amount

Therefore, we multiply 8 by 12 years by putting the values and getting the answer as $11520.