Question

Ellie wants to give her granddaughter a present of $500 saved in a bank account. If Ellie puts $350 in the account which earns an 8% annual interest rate, how long must she wait before the account is worth $500?

Answer 1

Hi,

If she were to wait before she was to get the account it would be 5 years. So that means that you have to multiply to get are other parts of the answer.
350 x 1.08 = 378
378 x 1.08 = 408.24
408.24 x 1.08 = 440.899
440.899 x 1.08 = 476.17
476.17 x 1.08 = 514.26
Ok so after you do that you know have you answer which your answer is 5 yr $14.26.

Hoped I Helped

Answer 2

1. $350*1.08=$378
2. $378*1.08=$408.24
3. $408.24*1.08=$440.899
4. $440.889*1.08=$476.17
5. $476.17*1.08=$514.26
Ellie need to wait 5 years. She will earn $14.26 after 5 years for own needs.