Using your formula:
$6000 * .07(8) = ?
However, after the first year, the principal is 6000 + .07(6000) = $6420, so the second year's interest = $6420 * .07(6420) = ?
You need to revise your formula.
Use the formula to solve the problems.
B × In
The amount that results when $6,000 is compounded at 7% annually over eight years=____
The interest earned in this case= ___
2 answers
6000*.07(8)=3,360
5 answers