Homework Answers
Answer : Here
Amount = $8000
Principal = P
Rte of interest (r) = 5% = 0.05
Time (t) = 6 years
n = Per year interest rate compounding time = 1
Now,
Amount = P (1 + r/n)^nt
=> 8000 = P (1 + 0.05/1)^(1 * 6)
=> 8000 = P (1.05)^6
=> 8000 = P * 1.34
=> P = 8000 / 1.34
=> P = $5,970
Therefore, here now I have to put $5,970 into the saving account.
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