Jimmy invests $2500 in an account with a 5% interest rate, making no other deposits or withdrawals. What will Jimmy’s account balance be after 8 years if the interest is compounded 6 times each year? URGENT PLEASE

We conclude that the total amount accrued, principal plus interest,  from compound interest on an original principal of  $2500 at a rate of 5% per year compounded 6 times per year over 8 years is $3723.38.

Step-by-step explanation:

Given

Principle P = $2500

Interest rate r = 5% = 0.05

Time period t = 8 years

To determine

Accrue Amount A = ?

Using the compound interest equation

where:

A represents the Accrue Amount

P represents the Principal Amount

r represents the interest rate

t represents the time period in years

n represents the number of compounding periods per unit t

Important tip:

now substituting P = 2500, r = 0.05, t = 8 and n = 6 in the equation

     ∵  

$

Therefore, we conclude that the total amount accrued, principal plus interest,  from compound interest on an original principal of  $2500 at a rate of 5% per year compounded 6 times per year over 8 years is $3723.38.

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step-by-step explanation:

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