Question

a savings account is compounded annually at an interest rate of .7%. after 8 years how much would the interest only be an initial savings account of $3000

Answer 1

Year 1 3000 x .007 = 21.00
Year 2 3021 x .007 = 21.15
Year 3 3042.15 x .007 = 21.30
Year 4 3063.45 x .007 = 21.44
Year 5 3084.89 x .007 = 21.59
Year 6 3106.48 x .007 = 21.75
Year 7 3128.23 x .007 = 21.90
Year 8 3150.13 x .007 = 22.05
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172.18 interest