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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.)

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