Answer:
[tex]A=\$14,555.17[/tex]
Step-by-step explanation:
we know that
The compound interest formula is equal to
[tex]A=P(1+\frac{r}{n})^{nt}[/tex]
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
[tex]t=10\ years\\ P=\$8,000\\ r=6\%=6/100=0.06\\n=12[/tex]
substitute in the formula above
[tex]A=8,000(1+\frac{0.06}{12})^{12*10} \\A=8,000(1.005)^{120}\\A=\$14,555.17[/tex]
