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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?

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?
asked 126k views
24 votes
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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User Reformy
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7.1k points

1 Answer

12 votes
It would be $10,099.82
A=8000(1+0.06/1)^4•1
answered
User Vsd
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8.9k points
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