SOLUTION: P=6000,R=6%,t=3 then the interest is compound yearly

Question 522994: P=6000,R=6%,t=3 then the interest is compound yearly

Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
Principal P = 6000
Amount= A
years=n 3.00
compounded 1 times a year t
Rate = 6.00 0.06
Amount = P*((n+r)/n)^n*t

Amount = = 6000 *( 1 + 0.06 )^ 3
Amount = 6000 *( 1 + 0.06 )^ 3
6000 *( 1.06 )^ 3
Amount = 7146.1
Amount - Principal = interest
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