Question

Find the compound interest on #60000 for 3years at 8 percent per annum.​

Answer 1

`~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+(r)/(n)\right)^(nt) \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill &\$60000\\ r=rate\to 8\%\to (8)/(100)\dotfill &0.08\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{annually, thus once} \end{array}\dotfill &1\\ t=years\dotfill &3 \end{cases} \\\\\\ A = 60000\left(1+(0.08)/(1)\right)^(1\cdot 3) \implies A = 60000( 1.08)^(3)\implies A = 75582.72`