A deposit of $1500 in an account pays 7.25% interest a year. What is the account balance after 8 years? (2 decimals)

floymdiT 2020-11-27 Answered
A deposit of $1500 in an account pays 7.25% interest a year. What is the account balance after 8 years? (2 decimals)
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bahaistag
Answered 2020-11-28 Author has 101 answers

Step 1 Given data: Principal P=$1500

Rate of interest, r=7.25% per year Time, t=8 years

The simple interest is given by the formula as: S.I.=P×r×t100
=1500×7.25×8100
=120×7.25
=$870

Step 2 Hence, the amount (i.e account balance) after 8 years is equal to, =principle+S.I
=$1500+$870
=$2370

Answer: The amount after 8 years will be $2370.

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