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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?

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?
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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?

User Reformy
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1 Answer

12 votes
It would be $10,099.82
A=8000(1+0.06/1)^4•1
User Vsd
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