Respuesta :
The amount in the bank after the period of 14 years at 6.5 % interest is $15,853.
The interest is the amount that is paid by the party at the annual rate of interest for a given period on the principal amount.
Computation for Amount after 14 years
The interest (I) added to the amount is given as:
[tex]I=\dfrac{P\;\times\;R\;\times\;T}{100}[/tex]
The given principal amount, [tex]P=8300\;\[/tex]
The rate of interest is, [tex]R=6.5\;\%[/tex]
The time for the interest is, [tex]T=14\;\rm years[/tex]
Substituting the values for the interest,
[tex]I=\dfrac{8300\;\times\;6.5\;\times\;14}{100}\\ I=7553\; \[/tex]
The amount of interest added to the base amount after 14 years is, $7553.
The total amount in the account after 14 years is:
[tex]\rm Total\;amount=Principal\;amount\;+\;Interest\\\\Total\;amount=8300\;+\;7553\;\$ \\\\Total amount=15,853\;\[/tex]
The amount in the bank after the period of 14 years at 6.5 % interest is $15,853.
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