Question

Ceasar opens a bank account and makes an initial deposit of $800. The banker tells Ceasar that he is going to receive an annual rate of 10% on his investment. Find the bank balance assuming Tom leaves the account untouched for 8 years.

Answer 1

A (t) = Pe^rt

A (8) = 800e^.10x8

A (8) = 800e^0.8

with e : A (8) = $1,780.43

with e = 2.7183 : A (8) = $1,780.44

Thus, the bank's balance is $1, 780.43.

Explanation:

this is what i used for my test bc i was kinda skeptical abt the answer at top and it was 100% right

Answer 2

Initial Deposit= $800
Annual rate= .1%
Leaves= 8 years

8 x .1= .8
$800 x .8= $640
$800+$640= $1,440

So your answer is $1,440 is the bank balance in 8 years.