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.

## Answer This Question

## Related Questions

- Algebra 2 - A man is planning to invest up to $22,000in bank X or bank Y or both...
- Algebra 1 - Ms. Buxx invested a total of $2000 in two saving accounts. The first...
- Annuities - Vic French mad deposits of 5000 at the end of each quarter to book ...
- Please help! - If your bank paid simple intrest Of 4.25% compounded annually ...
- Math - Plz help me to solve In how many years will the money deposited in a bank...
- math - if I deposited $100 in your savings account today, how much will you have...
- pride - you deposit 7900 in a money market account that pays a intrest rate of 4...
- Intrest - On Sept 14 Jennifer Rick went to park bank to borrow 2500.00 at 11 3/4...
- simple intrest - ON September 14th Jennifer Rick went to a park bank to borrow ...
- Simple Intrest - ON September 14th Jennifer Rick went to a park bank to borrow ...

More Related Questions