Answer:
2961.63
Explanation:
First, convert R as a percent to r as a decimal
r = R/100
r = 2.12/100
r = 0.0212 rate per year,
Then solve the equation for A
A = P(1 + r/n)nt
A = 2,500.00(1 + 0.0212/12)(12)(8)
A = 2,500.00(1 + 0.001766667)(96)
A = $2,961.63
Summary:
The total amount accrued, principal plus interest, with compound interest on a principal of $2,500.00 at a rate of 2.12% per year compounded 12 times per year over 8 years is $2,961.63.