Answer:
Compound Interest = 9680
Step-by-step explanation:
The formula of Compound Interest: [tex]A = P(1 + \frac{r}{n} )^n^t[/tex]
Where;
A = Compound Interest
P = Principal amount
r = Rate of interest
n = amount of deposite annually
t = total time
Therefore:
[tex]A = 8000(1 + \frac{0.08}{1})^1^*^2^.^5[/tex]
[tex]A = 8000(1 + 0.08)^2^.^5[/tex]
[tex]A = 8000(1.08)^2^.^5[/tex]
A = 8000(1.21)
A = 9680
Therefore, the compound interest = 9680
Hope this helps!
