averymckinney1001 averymckinney1001

21-01-2021
Mathematics

contestada

Elisa puts $750 in a savings account. The account earns an annual
interest rate of 8%. How much will she earn after 5 years? What is the
balance of her account?

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bexwhite2610 bexwhite2610

21-01-2021

Answer:

750/100 X 8 = 60

60 X 5 = 300

she will earn $300 simple interest

balance of account = $1050

compound interest

100 + 8 = 108

108/100= 1.08

750 X 1.08^5 = 1101.9960576

1102.00 - 750 = $352 compound interest

balance of account = $1102

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