Answered

Looking for trustworthy answers? Westonci.ca is the ultimate Q&A platform where experts share their knowledge on various topics. Join our platform to connect with experts ready to provide accurate answers to your questions in various fields. Connect with a community of professionals ready to help you find accurate solutions to your questions quickly and efficiently.

Find the future value of #8000 at 12percent for 3 years​

Sagot :

Answer:

Future value using simple interest = $10,880

Future value using Compound interest = $11,240 (Approx.)

Step-by-step explanation:

Given:

Principal Amount = $8,000

Rate = 12% = 0.12

Number of year = 3

Find:

Future value

Computation:

Future value using simple interest

Future value = P + (P)(R)(T)

Future value = 8,000 + (8,000)(0.12)(3)

Future value = 8,000 + 2,880

Future value using simple interest = $10,880

Future value using Compound interest

Future value = P[1+r]ⁿ

Future value = 8,000[1+0.12]³

Future value = 8,000[1.12]³

Future value using Compound interest = $11,240 (Approx.)

Thanks for using our service. We aim to provide the most accurate answers for all your queries. Visit us again for more insights. We appreciate your visit. Our platform is always here to offer accurate and reliable answers. Return anytime. Westonci.ca is here to provide the answers you seek. Return often for more expert solutions.