Question

Sara Blake's grandmother gave her $3000.00 to save for college. She put it in a savings account that earns 6% interest per year. The money was in the account for 8 years.

Answer 1

I assume you are looking for the total. The total amount in the account will be $4,781.54 if the interest is compounded annually.

If she is earning 6% interest, the balance in her account will be multiplied by 1.06 each year.

You can evaluate the following expression to find the total.

`3000(1.06)^8 = 4781.54`