Question

A person deposited $150 in an account that pays 8% interest. Find the balance of the account after 3 years.

Answer 1

the balance of the account after 3 year is $186

Explanation:

step 1: identify the principal, interest rate, and time period. principal (p)=$150 interest rate (r)=8% 0.08 ( converting percentage to decimal ) time (t)=3 years

step 2: Calculate the interest earned each year. interest=150*0.08*3

step 3: Calculate the interest earned. interest=150*0.08*3=$36

step 4: Calculate the final balance. final balance= principal+ interest

step5 find final balance. final balance=$186