We will use the future value formula:
[tex]FV=P(1+r)^t[/tex]Where
P is the principal invested
r is the rate of interest, in decimal
t is the time
Given,
P = 6000
r is 4% which is 4/100 = 0.04
t is 8
Plugging in and solving:
[tex]\begin{gathered} FV=P(1+r)^t \\ FV=6000(1+0.04)^8 \\ FV=6000(1.04)^8 \\ FV=8211.41 \end{gathered}[/tex]So, the account will be worth:
$8211.41
