Posted by **thick** on Tuesday, March 10, 2009 at 4:58pm.

a man deposits $8000 in his bank account.if the bank pays 8% compoud intrest per annum,what will be his total intrest after 3 years

- sauce -
**lyne**, Tuesday, March 10, 2009 at 5:02pm
the formula is

interest = prt

- Math tutor verify this -
**Chopsticks**, Tuesday, March 10, 2009 at 5:38pm
The compound interest formula is:

A = P(1+r/n)^nt

P = principal amount (the initial amount you borrow or deposit)

r = annual rate of interest (as a decimal)

t = number of years the amount is deposited or borrowed for.

A = amount of money accumulated after n years, including interest.

n = number of times the interest is compounded per year

8000(1+.08)^1*3

Source:

depaul

- Chopsticks is right -
**Reiny**, Tuesday, March 10, 2009 at 5:43pm
8000(1+.08)^1*3

= 8000(1.08)^3

= 10077.70

- sauce -
**bobpursley**, Tuesday, March 10, 2009 at 5:43pm
Chopsticks is right. It is compounded annually. PRT is no compounding.

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