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What is the total amount Matthew’s bank will receive after lending him 8,000 for four years at an interest rate of 6 percent , compounded annually?

What is the total amount 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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What is the total amount 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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User Mattmoor
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8.0k points

1 Answer

3 votes
The equation is 8000(1.06)^t
answered
User Manjunath Ballur
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7.6k points
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