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Sue now has $125. How much would she have after 8 years if she leaves it invested at 8.5% with annual compounding?a. $205.83b. $216.67c. $228.07d. $240.08e. $252.08

Respuesta :

TomShelby

Answer:

d. $240.08

Explanation:

With need to use the compound interest formula

[tex]Principal * (1+ r)^{time} = Amount[/tex]

We post our given values and calculate

[tex]125* (1+ 0.085)^{8} = Amount[/tex]

[tex] Amount = 240.0755423[/tex]

She will save 240.08 dollars

How to convert the rate to a decimal number:

8.5/100= 0.085

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