sauce

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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 -

    the formula is

    interest = prt

  • Math tutor verify this -

    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 -

    8000(1+.08)^1*3
    = 8000(1.08)^3
    = 10077.70

  • sauce -

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

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