Question

The principal represents an amount of money deposited in a savings account subject to compound interest at the given rate.

A. Find how much money there will be in the account after the given number of years.
B. Find the interest earned.
Someone please help me answer this question by tonight

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 &\$6000\\ 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 &2 \end{cases}`

`A = 6000\left(1+(0.08)/(1)\right)^(1\cdot 2) \implies A = 6000( 1.08)^(2)\implies \boxed{A \approx 6998.40} \\\\\\ \stackrel{\textit{interest earned amount}}{6998.40~~ - ~~6000}\implies \boxed{998.40}`