Question

A bank offers a 3.7% annual interest rate for a retirement savings account. A worker puts $8,000 into the account. How much will be in the account after a year? $

Answer 1

1

Step-by-step explanation:

Answer 2

The worker will have approximately $8,296.00 in their retirement account after a year.

Step-by-step explanation:

Calculate the interest earned: Multiply the principal amount ($8,000) by the annual interest rate (3.7%): $8,000 * 0.037 = $296.00.

Add the interest earned to the principal: $8,000 + $296.00 = $8,296.00.

Therefore, the worker will have approximately $8,296.00 in their retirement account after one year due to the accrued interest.