Question

If P dollars is deposited in an account paying R percent annual interest, approximate the amount in the account after x years.

P = $1600, R = 8%, x = 16
The amount in the account after 16 years is approximately

Answer 1

Answer: $3648

Explanation:

Firstly, we have to calculate the interest which will be:

= Principal × Rate × Time

= $1600 × 8% × 16

= $1600 × 0.08 × 16

= $2048

Therefore, the amount in the account after 16 years will be:

= Principal + Interest.

= $1600 + $2048

= $3648