Find the balance in the account after the given period. $2000 principal earning 6% compounded annually, for 8 years. the balance after 8 years will be $

For this case we use the following formula:
 P (t) = P (1 + r / n) ^ (n * t)
 Substituting values we have:
 P (8) = 2000 * (1 + 0.06 / 1) ^ (1 * 8)
 P (8) = 3187.696149
 Rounding off we have:
 P (8) = 3187.7 $
 
 The balance after 8 years will be $ 3187.7

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