Question

Mary put $2225.50 into an investment at 1.2% for eight years. What will the balance be at the end of eight years? ( what is the total amount of the investment plus interest after 8 years?) round to the nearest hundreth.

interest: $_____
+$2,225.50

=$____(total)

Answer 1

Answer: $2400

Explanation:

$2225.50 x 1.2% = $26.71 + $2225.50 = $2252.21 - Year 1

$2252.21 x 1.2% = $27.03 + $2252.21 = $2279.23 - Year 2

$2279.23 x 1.2% = $27.35 + $2279.23 = $2306.58 - Year 3

$2306.58 x 1.2% = $27.68 + $2334.26 = $2334.26 - Year 4

$2334.26 x 1.2% = $28.01 + $2362.27 = $2362.27 - Year 5

$2362.27 x 1.2% = $28.35 + $2362.27 = $2390.62 - Year 6

$2390.62 x 1.2% = $28.69 + $2390.62 = $2419.31 - Year 7

$2419.31 x 1.2% = $29.03 + $2419.31 = $2448.34 - Year 8

Rounded to the nearest 100th = $2400