assuming simple interest yield.
[tex]\bf ~~~~~~ \textit{Simple Interest Earned Amount} \\\\ A=P(1+rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill & \$8000\\ r=rate\to 5\%\to \frac{5}{100}\dotfill &0.05\\ t=years\dotfill &6 \end{cases} \\\\\\ A=8000[1+(0.05)(6)]\implies A=8000(1.3)\implies A=10400[/tex]
Answer:
A₆ = 10720.765$
Step-by-step explanation:
The formula when the realized interest is added to the basic investment after each year is:
A₆ = I (1 + r)⁶
where I -is initial investment, r percentage rate
A₆ = 8000 (1 + (5/100))⁶ = 8000 1.05⁶ = 8000 · 1.340095641 = 10720.765$
A₆ = 10720.765$
God with you!!!
