axxel78
contestada

1
You deposit $500 in a savings account. The account earns 2% simple interest per year.
a. What is the interest earned after 8 years?
The interest earned is $
after 8 years
b. What is the balance after 8 years?
The balance is $
after 8 years

Respuesta :

It depends if you are adding more money into the account or not
akaiqbacon

Hi there!

Convert 2% into...

[tex]2=100[/tex]

Divide both terms together:

[tex]500[/tex]÷[tex]100=5[/tex]

Multiply 5 by 2...

[tex]5[/tex]·[tex]2=10[/tex]

Multiply terms with terms...

[tex]10[/tex]·[tex]8=80[/tex]

A. $80, the interest earned is $80 after 8 years...

Add $500 with $80:

[tex]500+80=580[/tex]

B. $580, the balance is $580 after 8 years...

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