The compound interest if the investment after 3 years would be = $10,540
What is compound interest?
Compound interest is defined as the particular amount of money that is being paid to an individual which is related to an investment made by the same individual.
The formula for compound interest = P×T×R/100
The principal (P) amount invested = $8500
The time (T) of investment= 3 years
The rate for the investment= 8%
compound interest = 8500×3×8/100
= 204000/100
= $2,040
Therefore the compound interest would be = $8500 + $2,040 = $10,540.
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