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OpenStudy (aford):
What is the total amount that Matthew's bank will receive after lending him $8,000 for four years at an interest rate of 6 percent, compounded annually?
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OpenStudy (anthonyfeliu):
7,520 i think?
OpenStudy (mathmale):
The standard formula for the Amount after t years is\[A=P(1+r)^t\] In this formula P=the initial amount (in dollars); r is the annual interest rate (as a decimal fraction), and t is the number of years. Subst. the given numeric values into this formula and evaluate the formula for the final amount, A.
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