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 $__?

Do 2000 divided by 8 than divided that by 6%

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 $

Answer:

The balance after 8 years will be $ 3187.7