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

Valyala asked May 11, 2023

259,930 views

7 votes

Valyala asked May 11, 2023

2.3k points

Your comment on this question:

Email me at this address if a comment is added after mine:Email me if a comment is added after mine

Privacy: Your email address will only be used for sending these notifications.

Email me at this address if my answer is selected or commented on:Email me if my answer is selected or commented on

Privacy: Your email address will only be used for sending these notifications.

20 votes

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

Akshay Rathod answered May 17, 2023

2.9k points

Email me at this address if a comment is added after mine:Email me if a comment is added after mine

Privacy: Your email address will only be used for sending these notifications.

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

1.6m questions

2.0m answers