Need a bit of help here on this question If 13000 is deposit

Need a bit of help here on this question.

If $13,000 is deposited in a bank account paying 6% compounded mothly, what amount will be in the account after

8 years? How much interest will be earned during the 8 years?

Solution

We have to use the following formula

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

A=13000(1+(.06/12))^12*8

A=20983.9

Interest earned=Amount-principal = $7983.9