6 years ago, Luther won some money in the lottery and put it in a bank account that earns 8% interest compounded monthly. If Luther currently has $6,000.00 in the bank account, how much interest has he earned?

the interest earned is $643

Step-by-step explanation:

We would apply the formula for determining compound interest which is expressed as

A = P(1+r/n)^nt

Where

A = total amount in the account at the end of t years

r represents the interest rate.

n represents the periodic interval at which it was compounded.

P represents the principal or initial amount deposited

From the information given,

A = $6000

r = 8% = 8/100 = 0.08

n = 12 because it was compounded 12 times in a year.

t = 6 years

Therefore,.

6000 = P(1 + 0.08/12)^6 × 12

6000 = P(1.0067)^72

6000 = 1.12P

P = 6000/1.12

P = 5357

The interest earned is

6000 - 5357 = $643

maximum area = xy = (16)(32) = 512 ft2

to maximize the area of the garden, the side of the fence parallel to the side of the house should be 32 ft long, and the other two sides should both have length 16 ft.'

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