Question

$.

(b) (i) Annie invests $330 at a rate of 1.5% per year compound interest.
Calculate the amount that Annie has after 8 years.
Give your answer correct to the nearest dollar.

Answer 1

Answer: $372

Explanation:

330 + (1.5% of 330) = 334.95

334.95 + (1.5% of 334.95) = 339.97425

339.97425 + (1.5% of 339.97425) = 345.073864

345.073864 + (1.5% of 345.073864) = 350.249972

350.249972 + (1.5% of 350.249972) = 355.503772

355.503772 + (1.5% of 355.503772) = 360.836392

360.836392 + (1.5% of 360.836392) = 366.248398

366.248398 + (1.5% of 366.248398) = 371.742124

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