MATH SOLVE

5 months ago

Q:
# 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?

Accepted Solution

A:

first year the interest will be 6% x 8000= $480

second year the interest will be 6% x 8480= $508.80

third year the interest will be 6% x 8988.80=$539. 33

fourth year the interest will be 6% x 9528.13=$571. 69

the total amount that matthew's bank will receive is 8,000+480+508.80+539.33+571.69=$10,099.82

second year the interest will be 6% x 8480= $508.80

third year the interest will be 6% x 8988.80=$539. 33

fourth year the interest will be 6% x 9528.13=$571. 69

the total amount that matthew's bank will receive is 8,000+480+508.80+539.33+571.69=$10,099.82