Given:
The principal, P =$20000
The interest rate is r = 8.3 %
Time, t =6 years.
Required:
We need to find the equation to find the amount after 6 years in the account.
Explanation:
The interest rate is
[tex]r=8.3\text{ \%=}\frac{8.3}{100}=0.083[/tex]
Consider the formula to find the amount after 6 years.
[tex]P_t=P\cdot(1+r)^t[/tex]
Substitute P =20000, r =0.083, and t =6 in the formula.
[tex]P_6=20000\cdot(1+0.083)^6[/tex]
Final answer:
[tex]P_6=20000\cdot(1+0.083)^6[/tex]
