First, convert R as a percent to r as a decimal
r = R/100
r = 8.4/100
r = 0.084 rate per year,
Then solve the equation for A
[tex] A = P(1 + \frac{r} {n})^{nt} \\\\ A = 10,000.00(1 + \frac{0.084}{12})^{(12)(30)} \\\\ A = 10,000.00(1 + 0.007)^{(360)} \\\\ A = \$ 123,199.63[/tex]
Summary:
The total amount accrued, principal plus interest, with compound interest on a principal of $10,000.00 at a rate of 8.4% per year compounded 12 times per year over 30 years is $123,199.63.
