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

the formula is

interest = prt

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

8000(1+.08)^1*3

= 8000(1.08)^3
= 10077.70

Chopsticks is right. It is compounded annually. PRT is no compounding.

To calculate the total interest after 3 years, you will need to use the formula for compound interest:

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

Where:
A = the total amount (including the initial deposit and interest)
P = the principal amount (the initial deposit)
r = the annual interest rate (as a decimal)
n = the number of times interest is compounded per year
t = the number of years

In this case:
P = $8000 (the initial deposit)
r = 8% or 0.08 (as a decimal)
n = 1 (compounded annually)
t = 3 (years)

Substituting these values into the formula, we get:

A = $8000(1 + 0.08/1)^(1*3)

Simplifying further:

A = $8000(1 + 0.08)^3
A = $8000(1.08)^3

Calculating:
A ≈ $8000 * 1.2597
A ≈ $10,077.60

Thus, the total interest after 3 years would be approximately $2,077.60.