Question

Please help me A.S.A.P.

Cheryl deposits 7.500 into the bank. She cannot withdraw or deposit any money for 6 years. She earns 6% interest during that time.

a. How much interest will she have earned at the of 6 years?

b. What will her new balance be when she is finally able to withdraw her money?

Answer 1

Answer: a. 450

b. 7950

Explanation:

If Cheryl earns 6% interest during the 6 years she will have

(7500*6)/100=450

450 is the interest that she received

her new balance will be

7500+450=7950