Compound Interest Formula:
A = P \left(1 + \frac{r}{n}\right)^{nt}
Substitute the values into the formula:
A = 8000 \left(1 + \frac{0.055}{12}\right)^{12 \times 5}
Simplify inside the parentheses:
A = 8000 \left(1 + 0.0045833\right)^{60}
Calculate the exponent:
A ≈ 8000 \left(1.0045833\right)^{60}
Find the total amount A :
A≈10525.63
Subtract the principal to get the interest:
10525.63-8000=2525.63
Answer:
2525.63