Nicolas has $6,500 to deposit into an account which earns 3.25% interest compounded annually. How interest will he have earned at the end of 8 years.

We have been given that Nicolas has $6,500 to deposit into an account which earns 3.25% interest compounded annually. We are asked to find amount of interest earned at the end on 8 years.

We will use compound interest formula to solve our given problem.

, where,

A = Final amount,

P = Principal amount,

r = Annual interest rate in decimal form,

n = Number of times interest is compounded per year,

t = Time in years.

Now we will subtract principal amount from final amount to find amount of interest as:

Therefore, Nicolas would have earned $1895.25 in interest at the end of 8 years.

$9.41

step-by-step explanation:

all group life insurance is term insurance. actually it is annual renewable term and it is rated on the average age and claims experience of the entire group, which is called "experience rating." remember, this type of insurance has a 31-day grace period and is convertible to whole life upon leaving employment. a contributory group plan requires that both the employer and the employees pay part of the premium. at least 75% of those eligible must participate, so the group is sure to get most of the healthy employees as well as those that are sick.

step-by-step explanation: