Julio invests $6,100 into an account that earns 5.2% annual compound interest. If Julio makes no additional deposits or withdrawals, which best represents the amount of interest Julio will earn after 8 years?

Therefore Julio will earn $3,050.73 of interest after 8 years.

Step-by-step explanation:

The compound interest formula:

A= Amount after t year.

P= Principal

r=rate of interest

t= time in year

n= 1 when annual compound interest

n=2 when semi compound interest

n=4 when quarter compound interest

Given that, Julio invests $6,100 into an account that earns 5.2% annual compound interest for  8 years.

P=$6,100

r=5.2%=0.052

t= 8 years

      =$9150.73

The interest=Amount -  Principal

                   =$(9150.73-6,100)

                   =$3,050.73

Therefore Julio will earn $3,050.73 of interest after 8 years.

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step-by-step explanation:

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