6 years ago, Luther won some money in the lottery and put it in a bank account that earns 8% interest compounded monthly. If Luther currently has $6,000.00 in the bank account, how much interest has he earned?

the interest earned is $643

Step-by-step explanation:

We would apply the formula for determining compound interest which is expressed as

A = P(1+r/n)^nt

Where

A = total amount in the account at the end of t years

r represents the interest rate.

n represents the periodic interval at which it was compounded.

P represents the principal or initial amount deposited

From the information given,

A = $6000

r = 8% = 8/100 = 0.08

n = 12 because it was compounded 12 times in a year.

t = 6 years

Therefore,.

6000 = P(1 + 0.08/12)^6 × 12

6000 = P(1.0067)^72

6000 = 1.12P

P = 6000/1.12

P = 5357

The interest earned is

6000 - 5357 = $643

sorry, i don't know i just need points, i'm new here. chao

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step-by-step explanation: