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Sagot :
Compound interest formula:
[tex]A=P(1+\frac{r}{n})^{nt}[/tex]A is the final amount
P is the principal amount
r is the interest rate (in decimals)
n is the number of times interest is compound
t is the time in years
For the given situation:
[tex]\begin{gathered} P=4,060 \\ r=0.08 \\ n=12 \\ t=7 \\ \\ A=4,060(1+\frac{0.08}{12})^{12\cdot7} \\ \\ A=4,060(1+\frac{0.08}{12})^{84} \\ \\ A\approx7,094.53 \end{gathered}[/tex]Then, the balance after 7 years is $7,094.53
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