Question

.A savings account earns 15% interest annually. What is the balance after 8 years in the savings account when the initial deposit is 7500?

Answer 1

given,

final interest = Prt

p = 7500

r = 15%

t= 8 yrs

Fi= 7500 x 0.15 x 8

= 1125 x 8

=9000

total savings = 9000 + 7500 = 16500