taharalewis038 taharalewis038

15-01-2024
Mathematics

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Calculate the Compound interest earned when $12,000 is invested for 5 years at 8% per annum

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jsimpson11000 jsimpson11000

15-01-2024

Answer:

Step-by-step explanation:

Use the compounding formula :

FV = PV ( 1+i)^n

FV = ?

PV = $12000

i = decimal interest per period = .08

n = periods = 5

FV = $ 12 000 ( 1 + .08)^5 = $ 17631.94

then subtract PV to find the interest = $ 5631.94

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