Question

You put some money in a bank account one year ago.

You have not done anything with it since.
The bank takes out a low balance fee of $0.25 each month.
After 8 months, you had $28 in the account.

Answer 1

To have $10,000 in ten years with 10% interest compounded annually, you need to put approximately $3,874.35 into the bank account.

Step-by-step explanation:

To find out how much money you need to put into a bank account that pays 10% interest compounded annually to have $10,000 in ten years, you can use the formula for compound interest:

A = P(1 + r/n)^(nt)

Where:

A is the future value

P is the principal (initial amount)

r is the annual interest rate (as a decimal)

n is the number of times the interest is compounded per year

t is the number of years

Plugging in the values from the question, we have:

$10,000 = P(1 + 0.10/1)^(1*10)

Simplifying, we get:

$10,000 = P(1.10)^10

To solve for P, divide both sides of the equation by (1.10)^10:

P = $10,000 / (1.10)^10

Using a calculator, we find that P ≈ $3,874.35

Answer 2

$5 for 1 year and 8 months= $23 left in the bank account

$3 for 1 year= $25 left in the bank account

$2 for just eight months= $26 left in the bank account

every 4 months it would be a dollar.

Step-by-step explanation:

1 year and 8 months of the money being in the bank account would be a subtraction of $5. So $5 subtracted by $28 would be $23.

If they are just looking for the 8 months of the account it would be $2. And $2 subtracted from $28 would be $26.