MrMcmath MrMcmath

06-08-2022
Mathematics

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.A savings account earns 15% interest annually. What is the balance after 8 years in the savings account when the initial deposit is 7500?

A savings account earns 15 interest annually What is the balance after 8 years in the savings account when the initial deposit is 7500 class=

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jetsungyembo jetsungyembo

06-08-2022

Answer:

given,

final interest = Prt

p = 7500

r = 15%

t= 8 yrs

Fi= 7500 x 0.15 x 8

= 1125 x 8

=9000

total savings = 9000 + 7500 = 16500

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