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Sagot :
[tex]~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+\frac{r}{n}\right)^{nt} \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill &\$5000\\ r=rate\to 0.75\%\to \frac{0.75}{100}\dotfill &0.0075\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{monthly, thus twelve} \end{array}\dotfill &12\\ t=years\dotfill &8 \end{cases} \\\\\\ A=5000\left(1+\frac{0.0075}{12}\right)^{12\cdot 8}\implies A=5000(1.000625)^{96}\implies A\approx 5309.08[/tex]
The total amount accrued, principal plus interest, with compound interest on a principal of $5,000.00 is $5,307.99.
Compound Interest
Given Data
- Principal = $5000
- Rate = 0.75%
- Time = 8 Years
A = P + I where
P (principal) = $5,000.00
I (interest) = $307.99
Calculation Steps:
First, convert R as a percent to r as a decimal
r = R/100
r = 0.75/100
r = 0.0075 rate per year,
Then solve the equation for A
A = P(1 + r/n)^nt
A = 5,000.00(1 + 0.0075/1)^(1)(8)
A = 5,000.00(1 + 0.0075)^(8)
A = $5,307.99
Lear More about Compound interest here:
https://brainly.com/question/24924853
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