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