8000$ is invested in an account the yields 6% interest per year. After how many years will the account worth 13709.60$ if the interest is compounded monthly?

After 9 years the account will be worth 13709.60$

Step-by-step explanation:

We are given the following in the question:

We are given the following in the question:

P = $8000

r = 6% = 0.046

n = 12

The compound interest is given by:

where A is the amount, p is the principal, r is the interest rate, t is the time in years.

Putting the values, we get,

Thus, after 9 years the account will be worth 13709.60$

It will take 9 years to get the account worth $13709.60

Step-by-step explanation:

Since we have given that

Sum = $8000

Rate of interest = 6%

Amount = $13709.60

According to question, we get that

Hence, it will take 9 years to get the account worth $13709.60

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