Answer:
Therefore Julio will earn $3,050.73 of interest after 8 years.
Step-by-step explanation:
The compound interest formula:
[tex]A=P(1+\frac rn)^{nt}[/tex]
A= Amount after t year.
P= Principal
r=rate of interest
t= time in year
n= 1 when annual compound interest
n=2 when semi compound interest
n=4 when quarter compound interest
Given that, Julio invests $6,100 into an account that earns 5.2% annual compound interest for 8 years.
P=$6,100
r=5.2%=0.052
t= 8 years
[tex]\therefore A= 6100(1+0.052)^8[/tex]
=$9150.73
The interest=Amount - Principal
=$(9150.73-6,100)
=$3,050.73
Therefore Julio will earn $3,050.73 of interest after 8 years.
