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Ella has $50,000 is a saving account. The savings collect interest at an 8% annual rate that compounds every year. How much money will be in Ellas account after 5 years?
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Ella has $50,000 is a saving account. The savings collect interest at an 8% annual rate that compounds every year. How much money will be in Ellas account after 5 years?

User LJ White
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1 Answer

5 votes

Answer:

210000$

Explanation:

1st we find the SI which will be P*R*T/100=50000*8*5/100

=32000

32000 will be added per year

32000*5=160000 for 5 years

160000+50000=210000$

User Fuechter
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