Find the balance in each account after the given period. $8000 principal earning 5% compounded annually, after 6 yr

The balance in the account after the given period is  

Step-by-step explanation:

we know that

The compound interest formula is equal to  

where  

A is the Final Investment Value  

P is the Principal amount of money to be invested  

r is the rate of interest  in decimal

t is Number of Time Periods  

n is the number of times interest is compounded per year

in this problem we have  

substitute in the formula above  

4.5%

step-by-step explanation: